GST Collection: The gross Goods and Services Tax (GST) collections for June have reached approximately ₹1.74 lakh crore, marking a 7.7% rise from the ₹1,61,497 crore collected in June 2023, according to sources.
Although detailed data for Central and State GST collections is not yet available, an official source revealed that around ₹39,600 crore has been settled to the central GST account from Integrated GST (IGST) collections. States have received ₹33,548 crore from the IGST pool.
GST Collections in June Reach ₹1.74 Lakh Crore, Reflecting a 7.7% Increase from Previous Year
In June 2023, IGST collections amounted to ₹80,292 crore, including ₹39,035 crore collected on the import of goods. From this pool, the government had settled ₹36,224 crore to Central GST (CGST) and ₹30,269 crore to State GST (SGST).
For this June, the total IGST collections remain undisclosed, and a detailed breakdown of revenues from domestic transactions, including services imports and GST revenues from goods imports, is not yet available.
The Finance Ministry has yet to release an official statement on the GST collections for June. However, the Ministry has used social media to celebrate the seventh anniversary of the GST regime’s launch, highlighting the benefits it has brought to the economy. The posts emphasize lower rates on household goods, a level playing field for all taxpayers, and a reduced compliance burden on small businesses, conveying that GST has brought “happiness for every home.”
The increase in GST collections indicates a robust economic activity and improved compliance, reflecting positively on the country’s economic recovery post-pandemic. As the government continues to refine the GST framework, the higher collections may support further economic reforms and public spending initiatives.
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