In India, the collection of the GST revenue in June stood at Rs 1,61,497 cr, which is a 12% rise on the basis of year-on-year, stated by the Ministry of Finance.
In April and May, Rs 1.87 lakh crore and Rs 1,57,090 crore was the GST collection, respectively.
As per the government for the fourth time, the GST collection has reached Rs 1.6 lakh cr since its incorporation, Rs 1.4 lakh crore for 16 months consecutively, and Rs 1.5 lakh crore 7 times since the beginning.
“The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which 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 government has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after the regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST,” the Finance Ministry stated.
The average monthly gross GST collection for the 1st quarter of FY22, FY23, and FY24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore, and Rs 1.69 lakh crore, respectively.
The revenues incurred in the month through the domestic transactions along with the import of services would be 18% more than the revenues from such sources in the identical month of the former year.
GST would have supported drawing down the taxes for consumers by eliminating the cascading effect of tax on tax and summed to the revenue buoyancy of states, FM Nirmala Sitharaman stated.
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The tax officers would have been complimented by the minister for their dedication and commitment and grit that supported in generating the GST revenues of Rs 1.60 lakh cr a new normal.
