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NEW DELHI: Central and state governments collected ₹1.61 trillion in Goods and Services Tax (GST) in June. This amount reflects a 12% increase compared to the revenue collected from GST in the same month of the previous year.
This marks the fourth time that gross GST collection has crossed the ₹1.60 trillion mark
PremiumNEW DELHI: Central and state governments collected ₹1.61 trillion in Goods and Services Tax (GST) in June. This amount reflects a 12% increase compared to the revenue collected from GST in the same month of the previous year.
After the settlement of taxes on inter-state sales, the central government collected ₹67,237 crore, while the states collected ₹68,561 crore in June. Additionally, ₹11,900 crore was collected as GST cess during the same month.
Furthermore, the revenue generated from domestic transactions, including the import of services, showed an 18% improvement compared to the revenue collected under this category in June of the previous year.
It is for the fourth time the gross GST collection has crossed ₹1.60 trillion mark. The average monthly gross GST collection for the first quarter of the FY 2021-22, FY 22-23 and FY 23-24 are Rs. 1.10 trillion, Rs. 1.51 trillion and Rs. 1.69 trillion, respectively, the ministry said.
These revenue collections coming on the sixth anniversary of GST would give policymakers room for comfort as the collection in the first quarter of FY24 is 12% higher than what was collected in the same time a year ago, said MS Mani, Partner, Deloitte India.
"They indicate that the extensive focus of the authorities on compliance and ongoing audits have streamlined the approach of all businesses towards GST. The fact that state-wise collection growth is in the band of 10-20% for many of the large states would also indicate uniformity of the growth and centralised approach to building tax-compliant behaviour," said Mani.
