India’s GST collections for June at Rs 1.45 lakh crore, jumps up 56% Y-o-Y  

Gross Goods and Services Tax (GST) collections increased by 56 percent from a year earlier to Rs 1.45 lakh crore, the second-highest monthly total.

Since March, monthly GST collections have been above the 1.40 lakh crore mark, reaching Rs 1.41 lakh crore in May.

The total amount of GST (Goods and Services Tax) collected in June 2021 was Rs 92,800 crore. The GST mop-up increased month over month as too, albeit modestly, from Rs 1.41 lakh crore in May 2022.

Following April, June saw the second-highest gross GST collection.

At a celebration marking five years of the GST, Finance Minister Nirmala Sitharaman stated, “We are now… showing that the GST revenues remain above 1.40 lakh crores.”

The government stated in a statement that June 2022’s collection “is not only the second-highest but also has broken the tendency of being a low collection month as noticed in the past.” “Anti-evasion efforts, particularly those taken against false billers, have contributed to the increased GST along with the economic recovery. Since the implementation of the GST, this month’s gross cess collection is the highest.

“The revenues for the month of June 2022 are 56 percent higher than the GST revenues in the same month last year of Rs 92,800 crore. During the month, revenues from import of goods was 55 per-cent higher and the revenues from domestic transaction (including import of services) are 56 percent higher than the revenues from these sources during the same month last year,” it said.

The total income for June was Rs 25,306 crore for CGST, Rs 32,406 crore for SGST, Rs 75,887 crore for IGST, and Rs 11,018 crore for the GST compensation cess.

The government paid CGST and SGST a total of Rs 29,588 crore and Rs 24,235 crore, respectively, from IGST. In addition, the Centre arbitrarily paid the States and Centre a total of Rs 27,000 crore in IGST in a 50:50 split.

After regular and ad hoc settlement, the combined income for the Centre and the States in June was Rs 68,394 crore for CGST and Rs 70,141 crore for SGST.

State GST compensation for this year concluded on June 30. A dozen states have requested an extension of the payout, but nothing has been decided as of yet. Next GST Council meeting is scheduled for the first week of August.