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As of July 22, 2024, the Finance Ministry reported consistent growth in GST collections from July 2023 to June 2024, with amounts increasing month-over-month. Collections ranged from ₹1,48,995 crore in July 2022 to ₹1,73,813 crore in June 2024, reflecting a positive growth trend. The government has paid all GST dues to states and has settled Integrated GST (IGST) balances monthly. It has also fulfilled its GST compensation commitments for the period from July 2017 to June 2022, including additional support for the Covid-19 period with ₹1.1 lakh crore and ₹1.59 lakh crore released as loans. No pending payments are reported. While states, including Bihar, have expressed concerns over increased capital expenditure and requested fiscal support, these issues were discussed during the pre-Budget consultations but no further action has been specified.
As of July 22, 2024, the Finance Ministry reported consistent growth in GST collections from July 2023 to June 2024, with amounts increasing month-over-month. Collections ranged from ₹1,48,995 crore in July 2022 to ₹1,73,813 crore in June 2024, reflecting a positive growth trend. The government has paid all GST dues to states and has settled Integrated GST (IGST) balances monthly. It has also fulfilled its GST compensation commitments for the period from July 2017 to June 2022, including additional support for the Covid-19 period with ₹1.1 lakh crore and ₹1.59 lakh crore released as loans. No pending payments are reported. While states, including Bihar, have expressed concerns over increased capital expenditure and requested fiscal support, these issues were discussed during the pre-Budget consultations but no further action has been specified.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
LOK SABHA UNSTARRED QUESTION NO. 178
TO BE ANSWERED ON MONDAY, THE 22nd JULY, 2024/ 31 ASHADHA, 1946 (SAKA)
GST Collection
178 Shri Arun Bharti:
Will the Minister of FINANCE be pleased to state:
(a) whether the GST collection is increasing every month and, if so, the details thereof, upto June 2024;
(b) whether the Government has paid all the dues to various State Governments during the corresponding years;
(c) if not, the reasons therefor;
(d) whether any alternative mechanism has been worked out by the Government, if so, the details thereof;
(e) whether various States including Bihar have requested for generous fiscal support in view of increase in capital expenditure; and
(f) if so, the details thereof along with the response of the Government in this regard?
ANSWER
THE MINISTER OF STATE IN MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
(a): The details of gross GST collection from July 2023 to June 2024 are given below: –
(b), (c) & (d): Yes Sir. The Central Government settles IGST balance due to the states every month.
Moreover, Government of India has already released the entire amount of provisionally admissible GST compensation to the States/UTs (protected at 14% per annum over the base year revenue of 2015-1 6) arising on account of implementation of Goods and Services Tax for five years i.e., from 1st July, 2017 to 30th June, 2022. For the Covid-19 period, the Central Government released ₹ 1.1 lakh crore for FY 2020-21 & ₹ 1.59 lakh crore for FY 2021-22 has been released to States/ UTs as back to back loan to meet the resource of the States/UTs due to shortfall in GST compensation. Final Compensation arising out of reconciliation of provisional figures with audited figures is released immediately on receipt of the AG's certificate and no amount is pending for release.
(e) & (f): No Sir.
However, various States including the State of Bihar have raised issues related to the States in the pre-Budget consultation Meeting of the Finance Minister with the States.