Gross GST Collection in June Reaches ₹1.61 Trillion, Marking Fourth Occurrence Above ₹1.60 Trillion: According to the Ministry of Finance, India’s Goods and Services Tax (GST) collection for the month of June was $1.61 trillion. This is a remarkable 12% increase above GST income collected in the same month the previous year. It is also noteworthy that this is the fourth time the gross GST collection has surpassed the ₹1.60 trillion mark since the introduction of GST.
Breakdown of June’s GST Revenue
Out of the total GST revenue collected in June, CGST (Central Goods and Services Tax) accounted for ₹31,013 crore, SGST (State Goods and Services Tax) amounted to ₹38,292 crore, and IGST (Integrated Goods and Services Tax) stood at ₹80,292 crore, which includes ₹39,035 crore collected on imported goods. Additionally, cess collected, including ₹1,028 crore on import of goods, totaled ₹11,900 crore. The government further allocated ₹36,224 crore to CGST and ₹30,269 crore to SGST from IGST. Following regular settlements, the Centre and the States reported revenues of ₹67,237 crore and ₹68,561 crore, respectively, for CGST and SGST.
Consistent Growth in GST Collection
GST collection in India has been steadily increasing. The country collected a record-high 1.87 lakh crore in GST in April, followed by 1,57,090 crore in May. Notably, this marks the 16th consecutive month that gross GST collection has exceeded ₹1.4 lakh crore and the seventh time it has crossed the ₹1.5 lakh crore mark since the inception of GST.
Positive Impacts of GST Implementation
Finance Minister Nirmala Sitharaman highlighted the benefits of GST, emphasizing its role in reducing taxes for consumers by eliminating the cascading effect of ‘tax-on-tax.’ She also praised the dedication and commitment of tax officers, attributing their efforts to making monthly GST revenues of ₹1.60 lakh crore the “new normal.”
Average Monthly GST Collection Comparison
For the first quarters of fiscal years 2022, 2023, and 2024, the average monthly gross GST collection was 1.10 lakh crore, 1.51 lakh crore, and 1.69 lakh crore, respectively. This demonstrates a consistent growth trajectory in GST revenue over the years.
GST’s Contribution to Revenue Buoyancy
Minister Sitharaman also emphasized that GST has played a pivotal role in augmenting the revenue buoyancy of states. By streamlining the taxation process and eliminating the cascading effect, GST has contributed to the overall economic stability and growth of the nation.
