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Gross GST Collection in June Reaches ₹1.61 Trillion, Marking Fourth Occurrence Above ₹1.60 Trillion

India’s Goods and Services Tax (GST) collection for the month of June reached ₹1.61 trillion, according to the Ministry of Finance. This amount represents a significant 12% increase compared to the revenue collected from GST in the same month of the previous year. It is also noteworthy that this is the fourth time the gross GST collection has surpassed the ₹1.60 trillion mark since the introduction of GST.

Breakdown of June’s GST Revenue

Out of the total GST revenue collected in June, CGST (Central Goods and Services Tax) accounted for ₹31,013 crore, SGST (State Goods and Services Tax) amounted to ₹38,292 crore, and IGST (Integrated Goods and Services Tax) stood at ₹80,292 crore, which includes ₹39,035 crore collected on imported goods. Additionally, cess collected, including ₹1,028 crore on import of goods, totaled ₹11,900 crore. The government further allocated ₹36,224 crore to CGST and ₹30,269 crore to SGST from IGST. Following regular settlements, the Centre and the States reported revenues of ₹67,237 crore and ₹68,561 crore, respectively, for CGST and SGST.

Consistent Growth in GST Collection

India has witnessed a consistent upward trend in GST collection. In April, the country achieved a record-high GST collection of ₹1.87 lakh crore, followed by ₹1,57,090 crore in May. Notably, this marks the 16th consecutive month that gross GST collection has exceeded ₹1.4 lakh crore and the seventh time it has crossed the ₹1.5 lakh crore mark since the inception of GST.

Positive Impacts of GST Implementation

Finance Minister Nirmala Sitharaman highlighted the benefits of GST, emphasizing its role in reducing taxes for consumers by eliminating the cascading effect of ‘tax-on-tax.’ She also praised the dedication and commitment of tax officers, attributing their efforts to making monthly GST revenues of ₹1.60 lakh crore the “new normal.”

Average Monthly GST Collection Comparison

The average monthly gross GST collection for the first quarter of the financial years 2022, 2023, and 2024 stands at ₹1.10 lakh crore, ₹1.51 lakh crore, and ₹1.69 lakh crore, respectively. This demonstrates a consistent growth trajectory in GST revenue over the years.

GST’s Contribution to Revenue Buoyancy

Minister Sitharaman also emphasized that GST has played a pivotal role in augmenting the revenue buoyancy of states. By streamlining the taxation process and eliminating the cascading effect, GST has contributed to the overall economic stability and growth of the nation.

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Gross GST Collection in June Reaches ₹1.61 Trillion, Marking Fourth Occurrence Above ₹1.60 Trillion_60.1

Gross GST Collection in June Reaches ₹1.61 Trillion, Marking Fourth Occurrence Above ₹1.60 Trillion_70.1