India’s GST revenue increases 12% YoY to Rs. 1.61 lakh crore

In June, India collected Rs 1,61,497 crore in gross GST revenue, a 12% rise over the same month last year.

According to the Ministry of Finance’s announcement on Saturday, India’s gross GST income collection for June totaled Rs 1,61,497 crore, up 12% over the same month last year. In April 2023, India’s GST collection reached a record high of Rs 1.87 lakh crore, and in May, indirect taxes were collected to the tune of Rs 1,570 90 crore. This results in the monthly GST revenue exceeding Rs 1.4 lakh crore for the fifteenth consecutive month. For the fourth time since the country’s introduction of the GST, the gross domestic product has surpassed the 1.6 trillion rupee threshold.

According to the finance ministry, the average monthly gross GST collection for the first quarter of the fiscal years 2021–2022, 2022–2023, and 2023–2024 was Rs. 1.10 lakh crore, Rs. 1.51 lakh crore, and Rs. 1.69 lakh crore, respectively.

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The data release takes place on the sixth anniversary of the GST in India. An important turning point in India’s history of taxation was marked with the implementation of the GST. In a diverse and federal nation like India, where many tax laws were combined into a single system, the adoption of this complete system was especially noteworthy.

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). These amounts represent the total gross GST revenue collected in June.

The Centre has paid CGST and SGST a total of Rs 36,224 crore and Rs 30,269 crore, respectively, from IGST. According to a press release from the ministry, the combined income for the Centre and the States in June after normal settlement was Rs 67,237 crore for CGST and Rs 68,561 crore for SGST.

Domestic transaction revenues this month (including those from the import of services) are 18% more than they were in the same month last year.