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.