The gross GST collections in June stood at around ₹1.74 lakh crore. Image for representation purposes only. File
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The gross Goods and Services Tax (GST) collections in June stood at around ₹1.74 lakh crore, as per sources, reflecting a rise of around 7.7% from the ₹1,61,497 crore collected in June 2023.
This marks the slowest growth in GST collections since July 2021 and is well below the 10% and 12.4% growth recorded in May and April, respectively, this year.
While data for Central and State GST collections is not available, an official source said that about ₹39,600 crore has been settled to the central GST account from Integrated GST (IGST) collections, while States have been given ₹33,548 crore from the IGST pool.
In June 2023, IGST collections stood at ₹80,292 crore, including ₹ 39,035 crore collected on import of goods. From that kitty, the government had settled ₹36,224 crore to CGST and ₹30269 crore to SGST.
For this June, total IGST collections are not known at this point, nor is there a breakdown available of the revenues from domestic transactions, including services imports, and the GST revenues from goods imports.
While the Finance Ministry is yet to issue an official statement on the GST collections for June, it sent out a series of social media posts to mark the seventh anniversary of the GST regime’s launch to convey that it has brought “happiness for every home” with lower rates on household goods, a level playing field for all taxpayers, and lower compliance burden on small businesses.
