GST collection in June surges 56% to Rs 1.44 lakh crore

On the back of economic recovery and anti-evasion drive among other factors, the goods and services tax (GST) collection in the month of June 2022 surged 56% year-on-year to Rs 1,44,616 crore.

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New Delhi, July 1: On the back of economic recovery and anti-evasion drive among other factors, the goods and services tax (GST) collection in the month of June 2022 surged 56% year-on-year to Rs 1,44,616 crore.

Most of the states saw high double-digit growth in GST revenue indicating broad-based economic recovery and expansion.

The gross GST collection in June 2022 is the second highest collection. Next to the April 2022 collection of Rs 1,67,540 crore.

“The gross GST revenue collected in the month of June 2022 is Rs 1,44,616 crore of. Which CGST is Rs 25,306 crore, SGST is Rs 32,406 crore. IGST is Rs 75,887 crore (including Rs 40,102 crore collected on import of goods). And cess is Rs 11,018 crore (including Rs 1,197 crore collected on import of goods)”. Said a Finance Ministry media release.

The government settled Rs 29,588 crore to CGST and Rs 24,235 crore to SGST from IGST. In addition, Centre also settled Rs 27,000 crore of IGST on ad-hoc basis in the ratio of 50:50. Between Centre and States/UTs in this month.

“The total revenue of Centre and the States in the month of June 2022 after regular. And ad-hoc settlement is Rs 68,394 crore for CGST and Rs 70,141 crore for the SGST.

During the month of June, revenue from import of goods was 55% higher and the revenue from domestic transaction (including import of services) is 56% higher than the revenues from these sources during the same month last year.

The GST mop-up in June is the fifth time the monthly GST collection has crossed Rs 1.40 lakh crore mark since inception of GST and fourth month at a stretch since March 2022.

“The collection in June’2022 is not only the second highest but also has broken the trend of being low collection month as observed in the past. Total number of e-way bills generated in the month of May 2022 was 7.3 crore. Which is 2% less than 7.4 crore e-way bills generated in the month of April 2022,” the official statement said.

As per the official data. The average monthly gross GST collection for the first quarter of the FY 2022-23 has been Rs 1.51 lakh crore. Against the average monthly collection of Rs 1.10 lakh crore in the first quarter of the last financial year showing an increase of 37%.

(Except for the headline. This story has not been edited by Business Upturn staff and is published from a syndicated feed.)

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