GST collections for June up 12% to Rs 1.61 lakh crore

economictimes.indiatimes.com:

GST) for the month of June, registering growth of 12%. Gross GST collection crosses ₹1.6 lakh crore mark for fourth time since inception of GST.

During the month, the revenues from domestic transactions (including import of services) are 18% higher than the revenues from these sources during the same month last year. Also Read: 6 years of GST: An indirect tax reform that dared to revolutionise the economic landscape Average monthly gross GST collection for Q1 of FY2021-22 is Rs 1.10 lakh crore; FY2022-23 is Rs 1.51 lakh crore; and FY2023-24 is ₹1.69 lakh crore, respectively.

Of the total collections, Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, and Integrated GST is Rs 80,292 crore including Rs 39,035 crore collected on import of goods The cess collections for the month stood at Rs11,900 crore, including Rs 1,028 crore collected on import of goods. 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 ₹67,237 crore for CGST and ₹68,561 crore for the SGST. During the month, the revenues from domestic transactions were 18% higher than June last year.