Gross GST collection rises 12% to Rs 1.61 lakh crore in June

As per the Finance Ministry statement, the government has settled Rs 36,224 crore to CGST and Rs 30269 crore to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST.

During the month, the revenues from domestic transactions (including import of services) are 18 percent higher than the revenues from these sources during the same month last year.

It is for the fourth time, the gross GST collection has crossed Rs. 1.60 lakh crore 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 lakh crore, Rs. 1.51 lakh crore and Rs. 1.69 lakh crore respectively.

Meanwhile, Finance Minister Nirmala Sitharaman is set for address this evening as GST completes six years.

Six years into GST and the focus has shifted and how. The pendulum has swung from compensation issues and big rate rationalisations to curbing tax evasion and fake invoicing while industry clamours for clarity on basics - GSTN data sharing, simplifying the Act, issues related to online gaming, new age industries and much more.