The gross goods and services tax (GST) revenue collected in June this year reached Rs 1,61,497 crore, an increase of 12 percent year-on-year, data released by the Ministry of Finance showed on July 1. This is the fourth time since inception that gross GST collection crossed Rs 1.6 lakh crore mark.
Of the this, CGST was recorded at Rs 31,013 crore, SGST at Rs 38,292 crore, IGST at Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess at Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).
The revenues had touched a record high of Rs 1.87 lakh crore in April. In May, it was Rs 1.57 lakh crore.
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.
