GST collections up 56% to ₹1.44 lakh crore in June

Tags: Economy/Finance

Goods and Services Tax (GST) revenue rose to ₹1.44 lakh crore in June, a 56 per cent increase over the same month last year.

  • The GST collection in June last year was Rs 92,800 crore.

  • Revenue from imports of goods grew 55%, while imports of domestic transactions and services were up 56% in June.

  • The GST revenue in the month of May was around ₹ 1.41 lakh crore.

  • This is the fifth time the monthly GST collection crossed the 1.40 lakh crore rupees mark since the inception of GST. 

  • The average monthly gross GST collection for the first quarter of 2022-23 stands at ₹1.51 lakh crore as against ₹1.10 lakh crore in the corresponding quarter last year, showing a growth of 37%.

  • Several States record over 50% growth

  • Tamil Nadu registered a growth of 83% in June GST collection, followed by Uttarakhand (82%), Haryana (77%), Karnataka (73%), Maharashtra (63%), West Bengal (58%), Rajasthan (56 %), followed by Punjab (51%) and Gujarat (50%).

  • Reason for increase in GST collection

  • economic recovery, anti-evasion activities, especially action against fake billers have contributed to the enhanced GST.

  • What is GST?

  • It is a value-added tax levied on most goods and services sold for domestic consumption.

  • It is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc.

  • GST is levied at four rates 5%, 12%, 18% and 28%.

  • The Goods and Services Tax Act was passed in the Parliament on 29 March 2017 and came into force on 1 July 2017.

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