NEW DELHI: The monthly collection of Goods and Services Tax (GST) crossed Rs 1.6 lakh crore in June, only the fourth time since its inception in 2017. The June collections stood at Rs 1.61 lakh crore, up 12% year-on-year.
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 the GST regime was implemented.
In April, the GST collection had touched an all-time high of Rs 1.87 lakh crore, while in May it stood at Rs1.57 lakh crore. Interestingly, the average monthly gross GST collection for the first quarter of three years has been consistently increasing.
Finance Minister Nirmala Sitharaman on Saturday 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.The GST completed its six years in existence on June 30, 2023.