India’s gross goods and services tax (GST) collection crossed Rs 1.74 lakh crore in June 2024. This information has been given by sources. However, the government has banned the monthly publication of GST collection data. According to sources, the gross goods and services tax (GST) collection from April to June this year so far has been Rs 5.57 lakh crore.
8 percent increase in GST compared to June last year
In terms of tax collection, there has been an increase in June this year as compared to May. Let us tell you that a total tax of 1.73 lakh crore was collected in May 2024. This was 8 percent more than the month of June 2023. The total tax collection in June 2024 was 1.61 lakh crore.
The report states that Integrated GST (IGST) of Rs 39,586 crore was given as Central GST (CGST). While the remaining Rs 33,548 crore was given as State GST (SGST).
GST collection crossed two lakh crore in April 2024
Let us tell you that GST collection crossed Rs 2 lakh crore for the first time in the month of April this year on the back of strong growth in domestic transactions and imports amid a boom in economic activity. Earlier, the highest tax collection of Rs 1,87,035 crore was made in April, 2023.
Businesses are performing well – Saurabh Agarwal
Saurabh Agarwal, Tax Partner, EY India, says that this GST collection is indicating enthusiasm in India’s economy. He further said that all types of businesses are performing well. The department has contributed to this success by making effective changes from time to time. Saurabh Agarwal said that the increase in tax collection has also increased the expectations of GST reforms. Such reforms can help in removing many bottlenecks and streamlining tax rates in the future.
