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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