New Delhi . The Finance Ministry said India’s gross Goods and Services Tax (GST) revenue collection stood at Rs 1,61,497 crore in the month of June, showing a year-on-year growth of 12 per cent. In the previous month, in May 2023, this figure was Rs 1,57,090 crore. That is, it has been Rs 4,407 crore more than last month. This is the fourth consecutive time since the introduction of GST, while the gross GST collection has crossed Rs 1.6 lakh crore.
After the implementation of GST in the country, the highest GST collection was done in April 2023 this year. This figure had reached a record level of Rs 1.87 lakh crore. On the other hand, if we look at the monthly GST revenue (GST) data, it has remained above Rs 1.4 lakh crore for 16 consecutive months. Earlier, in all the reports, it was expected that the collection of June would be higher than that of May and would cross 1.6 lakh crores, which proved to be correct.
The average monthly GST collection in the financial year 2021-22 was Rs 1.10 lakh crore, while in the financial year 2022-23 it is Rs 1.51 lakh crore and in the first quarter of 2023-24 the average collection is Rs 1.69 lakh crore. These figures make it clear that there is a continuous increase in the GST collection. According to the latest figures presented by the government, out of the total GST collection in June 2023, Central GST (CGST) is Rs 31,013 crore and State GST (SGST) is Rs 38,292 crore.
It may be noted that the Goods and Services Tax (GST) was implemented across the country on July 1, 2017, replacing the old indirect tax regime. It is considered the biggest tax reform in the country since independence. According to the Central Government, the GST implemented 6 years ago has helped in reducing the tax burden on the people of the country. ( PLC/GT)
