GST collections rise 12% to over ₹1.61 lakh crore in June

GST collections rose 12% to over ₹1.61 lakh crore in June, the Finance Ministry said on July 1, 2023

India’s Goods & Services Tax (GST) collections rose 12% to over ₹1.61 lakh crore in June, the Finance Ministry said on Saturday (July 1).

The gross GST collection has crossed ₹1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017.

The average monthly gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are ₹1.10 lakh crore, ₹1.51 lakh crore and ₹1.69 lakh crore, respectively, the Finance Ministry said in a statement.

"The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, Integrated GST is Rs 80,292 crore (including Rs  39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods)," the statement said.

The revenues for June 2023 are 12% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 18 per cent higher than the revenues from these sources during the same month last year.

The revenues had touched a record high of ₹1.87 lakh crore in April. In May, it was ₹1.57 lakh crore.