GST collection surges by 56% YoY to Rs 1,44,616 crore in June

The Goods and Services Tax (GST) revenue for the month of June surged by 56% on an annual basis to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May, revealed finance minister Nirmala Sitharaman on Friday.

“Our monthly GST collections are not going below that,” she added.

The CGST accounted for Rs 25,306 crore, SGST for Rs 32,406 crore and IGST for Rs 75887 crore (including Rs 40102 crore collected on import of goods). The cess, including Rs 1197 crore collected on import of goods, stood at ₹11,018 crore.

According to the PIB press release, the GST collection in June this year is the second highest collection next to the month of April 2022 (with collection of Rs 1,67,540 crore).

The GST council had recently announced an increase in rates to address inverted duty structures and withdrawing some exemptions effective from July 18.

Sitharaman said any increase in GST rates is intended to make up for “inefficiencies” in the value chain.

The decision was made to support states in managing their resources and ensuring that their programmes, particularly capital expenditures, are successfully implemented during the fiscal year.

The wider reform of the GST slabs has been put off as the council gave the group of ministers (GoM) on rate rationalisation another three months to give its recommendations.

There was no decision on the taxation of online gaming, casinos, and horse racing, as the GoM that reviewed the issue has been asked to make a final recommendation by July 15, following a representation from Goa on casinos.

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