gst-collection-rises-7-7-to-rs-1-74-lakh-crore-in-june

Gross Goods and Services Tax (GST) collections in June rose 7.7 percent year-on-year to Rs 1.74 lakh crore, marking the slowest rate of growth in three years, according to sources.

 

This growth figure, based on sales in May, is the lowest since June 2021.

 

The announcement coincided with the seventh anniversary of the GST rollout. In a significant move, the government announced that it will cease the official release of monthly gross GST collections, which had typically been published on the first day of each month.

 

Henceforth, no statements regarding GST collections will be issued, according to sources.

 

Historically, the monthly release included a state-wise breakdown of the revenue, serving as an indicator of economic and consumption activities. It also detailed the breakup of Central GST (CGST), State GST (SGST), and compensation cess collected from imports and domestic sales.

 

For the current financial year (April-June), the gross GST collection has reached Rs 5.57 lakh crore. The government collected Rs 1.73 lakh crore in May 2024 and Rs 1.61 lakh crore in June 2023. The Integrated GST (IGST) of Rs 39,586 crore was settled towards CGST and Rs 33,548 crore towards SGST, sources added. The GST mop-up had hit a record high of Rs 2.1 lakh crore in April 2024.

 

In a series of posts on social media platform X, the Finance Ministry highlighted the benefits of the GST regime on its seventh anniversary. "With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones," the Ministry stated.

 

The GST regime, implemented on July 1, 2017, was hailed as a significant tax reform intended to simplify the tax structure and boost compliance.