The Ministry of Finance reported on Saturday that India’s gross Goods and Services Tax (GST) revenue collection for the month of June totaled Rs 1,61,497 crore, up 12% over the same period last year.
In-depth details about in June, GST income reached Rs 1.61 lakh crore, increasing 12% year over year
GST revenue in India reached a new high of Rs 1.87 lakh crore in April and Rs 1,57,090 crore in May.
According to the government, the total GST collection has now exceeded Rs 1.6 lakh crore for the fourth time since the introduction of the tax, Rs 1.4 lakh crore for 16 consecutive months, and Rs 1.5 lakh crore seven times.
“The total GST revenue collected in the month of June 2023 was Rs. 1,61,497 crore, of which Rs. 31,013 crore was accounted for by CGST, Rs. 38,292 crore by SGST, Rs. 80,292 crore by IGST (which includes Rs. 39,035 crore from the collection of taxes on imports of goods), and Rs. 11,900 crore by cess (which also includes Rs. 1,028 crore from the collection of taxes on imports). The government has paid CGST and SGST a total of Rs 36,224 crore and Rs 30,269 crore, respectively, from IGST. According to the Ministry of Finance, the total income for the 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.
For the first quarter of FY22, FY23, and FY24, respectively, the average monthly gross GST collection was Rs 1.10 lakh crore, Rs 1.51 lakh crore, and Rs 1.69 lakh crore.
The month’s domestic transaction revenues (including those from the import of services) were 18% greater than they were in the same month last year.
Nirmala Sitharaman, the minister of finance, said on Saturday that the GST had increased state revenue stability and reduced taxes for consumers by reducing the “tax-on-tax” cascading effect.
The minister praised tax officials for their “dedication, commitment, and grit,” which contributed to the monthly GST earnings of Rs. 1.60 lakh crore being the “new normal.”
