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India's gross GST collections for June rose by 6.2% year-on-year, reaching over INR 1.84 lakh crore-up from INR 1.73 lakh crore in June last year. This follows May's INR 2.01 lakh crore and April's record INR 2.37 lakh crore. Domestic transactions contributed INR 1.38 lakh crore, a 4.6% rise, while imports surged by 11.4% to INR 45,690 crore. State GST collections (INR 43,268 crore) outpaced Central GST (INR 34,558 crore), and Integrated GST totalled INR 93,280 crore. Cess collections stood at INR 13,491 crore. Refunds rose 28.4% to INR 25,491 crore, resulting in a net GST revenue of INR 1.59 lakh crore-marking a 3.3% growth over June last year.
The government has released data showing an increase in gross Goods and Services Tax (GST) collections for the month of June. The figures, made public on Tuesday, reflect ongoing economic activity across India, with total collections exceeding a significant figure. Advertisement
Gross GST collections in June increased by 6.2% compared to the same month a year ago, reaching over INR 1.84 lakh crore. This figure surpasses the INR 1,73,813 crore collected in June of the previous year. Looking at the trend, this June's collection followed a figure of INR 2.01 lakh crore in May.
Earlier in the current year, GST collection touched a record high of INR 2.37 lakh crore in April. A closer look at the June numbers reveals the sources of revenue. Gross collections from domestic transactions alone rose by 4.6%, contributing about INR 1.38 lakh crore to the total.
Meanwhile, GST revenue generated from imports showed a stronger growth, increasing by 11.4% to INR 45,690 crore. If we break down the components of the tax, the state GST revenues reached INR 43,268 crore surpassing the gross Central GST revenues that stood at INR 34,558 crore. The Integrated GST, collected on inter-state transactions and imports, amounted to approximately INR 93,280 crore.
Additionally, revenues from Cess, levied on certain goods and services, totaled INR 13,491 crore. Even with these collections, total refunds issued during June saw an increase of 28.4%, reaching INR 25,491 crore. Despite these refunds, the net GST mop-up, which is the actual amount retained by the government, stood at approximately INR 1.59 lakh crore, registering a 3.3% year-on-year growth.
Source- PTI
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