June GST mop-up rises 12 pc, crosses Rs 1.6L cr for 4th time since inception
NEW DELHI: The monthly collection of goods and services tax (GST) crossed Rs 1.6 lakh crore mark in June for the fourth time since inception, up 12 per cent year-on-year, according to the government data released on Saturday.
Revenue collection from GST has witnessed steady growth since its introduction in 2017. This is the seventh time that the GST revenue has surpassed Rs 1.5 lakh crore since GST regime was implemented. As per the data, of the total collection of Rs 1.61 lakh crore, CGST is Rs 31,013 crore, SGST is Rs 38,292 crore and 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 regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST,” the finance minstry statement said.
In April, GST collection had touched an all-time high of Rs 1.87 lakh crore, while in May it stood at Rs 1.57 lakh crore. Interestingly, the average monthly gross GST collection for the first quarter of three years has been consistently increasing.
In April-June of FY2021-22, the GST revenue was registered at Rs 1.10 lakh crore; in FY2022-23 it was at Rs 1.51 lakh crore; and in FY24 it was at Rs 1.69 lakh crore. According to Abhishek Jain, Partner & National Head - Indirect Tax, KPMG in India, consistent breach of Rs 1.5 lakh crore mark is a big cheer for the government and economy, specifically on the date of completion of six years of this historic tax reform.
“With the approaching limitation period for 2017-18 and continued focus on anti-evasion measures, the increasing trend in collections is expected to continue,” said Jain. Finance minister Nirmala Sitharaman complimented tax officers for their “dedication and commitment and grit”, which helped in making monthly GST revenues of Rs 1.60 lakh crore a “new normal”. “Whether it is common consumer, whether it is the state government, a matter of tax buoyancy, whether it is making it digital and simpler, GST stands out as an exemplar,” the minister said.