GST in June FY24 up by 12%: Ministry of Finance

The amount reached INR 1.61 trillion. This marks the 15th consecutive month with monthly Goods and Services Tax (GST) revenue exceeding INR 1.4 trillion

July 3, 2023

In June, Central Goods and Services Tax (CGST) stood at INR 31,013 crore

State Goods and Services Tax (SGST) stood at 38,292 crore

Integrated Goods and Services Tax (IGST) and cess stood at INR 80,292 crore and INR 11,900 core, respectively

Revenues from domestic transactions, including the import of services, were 18% higher than those from the same sources in June 2022

India’s gross GST revenue collection in June FY24 reached INR 1.61 trillion, indicating a 12% increase compared to the previous year, according to a report from the Ministry of Finance. This follows April’s record-breaking GST collection of INR 1.87 trillion and May’s collection of INR 1.57 trillion in indirect taxes.

This marks the 15th consecutive month with monthly GST revenue exceeding INR 1.4 trillion. Additionally, it is the fourth time since the implementation of GST in the country that gross revenue has surpassed the INR 1.6 trillion mark. The ministry reported that the average monthly gross GST collections for the first quarter of FY 2021-22, FY 22-23, and FY 23-24 were INR 1.10 trillion, INR 1.51 trillion, and INR 1.69 trillion, respectively.

In June, the total gross GST revenue collection comprised INR 31,013 crore in CGST, INR 38,292 crore in SGST, INR 80,292 crore in IGST (including INR 39,035 crore collected from the import of goods), and INR 11,900 crore in cess (including INR 1,028 crore collected from the import of goods).

As for the settlement, the Centre has allocated INR 36,224 crore to CGST and INR 30,269 crore to SGST from IGST. After the regular settlement, the total revenue for CGST in June amounted to INR 67,237 crore, while the SGST revenue reached INR 68,561 crore, according to the report.

During the month, revenues from domestic transactions, including the import of services, were 18% higher than those from the same sources in June 2022

Experts said that GST collections in June had surpassed expectations, and the settlement of GST law, amnesty scheme, and anti-evasion drive is yielding desired results. Additionally, strengthening the Goods and Services Tax Network (GSTN) system and generating various discrepancy reports benefits the trade and authorities.

Source: Economic Times

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