India's GST revenue collection for June rises 12% YoY to Rs 1.61 lakh crore

economictimes.indiatimes.com:

GST revenue collection in June stood at Rs 1,61,497 crore, registering a 12 per cent year-on-year rise, the Ministry of Finance said on Saturday. India in April 2023 saw a record-high GST collection of Rs 1.87 lakh crore, while the indirect taxes collected in May were at Rs 1,57,090 crore. With this, the monthly GST revenue has come in at more than Rs 1.4 lakh crore for the 15th consecutive month.

The gross revenue has crossed the 1.6 lakh crore mark for the fourth time since the inception of GST in the country. The average monthly gross GST collection for the first quarter of the FY 2021-22, FY 22-23 & FY 23-24 are Rs. 1.10 lakh crore, Rs.

1.51 lakh crore and Rs. 1.69 lakh crore respectively, the finance ministry said. The data release coincides with GST's sixth anniversary in India.

GST's introduction marked a significant milestone in the history of taxation in India. The introduction of this comprehensive system was particularly remarkable in a diverse and federal country like India where multiple tax laws were consolidated into a single system. Also Read: 6 years of GST: India's unprecedented indirect tax reform that dared to revolutionise the economic landscape Of the total gross GST revenue collected in June, CGST is Rs 31,013 crore, SGST is Rs 38,292 crore, IGST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).

The Centre has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST. The total revenue of the Centre and the states in June after regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST, the ministry said in a press release. During the month, the revenues