GST mop-up rises 12% to over ₹1.61 lakh cr. in June
The Hindu
GST collections crossed ₹1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime, rising 12% to over ₹1.61 lakh crore in June, the Finance Ministry said on Saturday.
GST collections crossed ₹1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime, rising 12% to over ₹1.61 lakh crore in June, the Finance Ministry said on Saturday.
As the Goods and Services Tax (GST) completed 6 years of implementation, the government recounted the benefits that the indirect tax regime brought about to the economy, including lower tax rates for goods and services and removed discretion.
The average gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 stood at ₹1.10 lakh crore, ₹1.51 lakh crore and ₹1.69 lakh crore, respectively, the Finance Ministry said in a statement.
Speaking on the GST Day 2023 event, Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri said the benefits of GST both to the macroeconomy and taxpayers are well documented.
"Greater revenue efficiency, and we have seen some of that today with revenue collection for June exceeding ₹1.60 lakh crore, better compliance, market integration," Mr. Johri said.
Finance Minister Nirmala Sitharaman complimented tax officers for their "dedication and commitment and grit", which helped in making monthly GST revenues of ₹1.60 lakh crore a "new normal".
"Whether it is common consumer, whether it is the state government, a matter of tax buoyancy, whether it is making it digital and simpler, GST stands out as an exemplar," Ms. Sitharaman said.
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