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GST collection clocks robust rise to cross Rs 1.6 lakh crore in June

GST collections robust

India’s gross GST revenue collection in June crossed the Rs 1.61 lakh crore mark, registering a 12% increase over the corresponding figure for the same month last year, according to figures released by the Ministry of Finance on Saturday.

During the month, the revenues from domestic transactions (including import of services) are 18% higher than the revenues from these sources during the same month last year reflecting the robust growth in the country’s economic activity.

This is the fourth time that the monthly GST collection has crossed Rs 1.6 lakh crore since the new system of taxation was introduced 6 years ago.  The monthly GST collection has now exceeded Rs 1.4 lakh crore for 16 months in a row.

The average monthly gross GST collection for the first quarter (April-Jube) of 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively showing a rising trend.