In June the gross GST collection surged 8% to Rs 1.74 lakh crore. The government has stopped the official release of monthly GST collection data.
Till now the gross Goods and Services Tax (GST) collection this fiscal (April-June) stood at ₹ 5.57 lakh crore, as per the report.
The June collection is more compared to the Rs 1.73 lakh crore that was GST collected in May 2024. It is 8% more compared to Rs 1.61 lakh crore mopped up in June 2023.
The Integrated GST (IGST) worth Rs 39,586 crore was settled for Central GST (CGST) and Rs 33,548 crore towards State GST (SGST).
In April, the GST mop-up touched a record high of Rs 2.10 lakh crore.
Concerning tax collection preceding ahead, shall not be disclosing any statement, sources from the government said.
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Tax experts mentioned that this stronger performance shows a buoyant economy with businesses depicting commendable self-compliance. The success has arrived from the timely audits, scrutiny measures, and effective enforcement by the department.
It added that the effective rise in the collections directly raises the anticipation of the subsequent wave of GST reforms. Such reforms can address the working capital blockages, facilitate tax rates, streamline ITC limitations, and execute sector-specific solutions to manage the current issues.
States get almost equal percentage of their transaction in their state and any buoyancy is beneficial in absolute terms.
Thus it is very equitable. This is my first comment.
States get almost equal percentage of their transaction in their state and any buoyancy is beneficial in absolute terms.
Thus it is very equitable.