In June, the central and state governments collected $1.61 trillion in Goods and Services Tax (GST). This figure represents a 12% increase over GST income collected in the same month the previous year.
In June, the central government collected 67,237 crore after settling taxes on inter-state purchases, while the states collected 68,561 crore. During the same month, a total of Rs. 11,900 crore was collected as GST cess. Furthermore, revenue earned from domestic transactions, including the import of services, increased by 18% over the previous year’s revenue in this category in June.
The gross GST collection reached the 1.60 trillion level for the fourth time. According to the ministry, the average monthly gross GST collection for the first quarter of FY 2021-22, FY 22-23, and FY 23-24 is Rs. 1.10 trillion, Rs. 1.51 trillion, and Rs. 1.69 trillion, respectively.
These revenue collections, which come on the sixth anniversary of GST, would give policymakers stop, as they are 12% higher than what was collected in the same period last year, according to MS Mani, Partner, Deloitte India.