Gross goods and services tax (GST) collections in June (for May sales) rose 7.7 percent year-on-year to Rs 1.74 lakh Crore, sources said on Monday. This is the slowest rate of growth in GST collections in three years, before which a slower pace of growth was recorded in June 2021.
With this release on Monday, which also happened to be the seventh anniversary of the implementation of the indirect tax regime, the government put on hold the official release of monthly gross GST collections, which was usually announced on the first day of every month. Sources said the government will not issue any further statement regarding GST collection.
The general release on GST collections included state-wise details of revenue collected in each state, which would act as an indicator of economic and consumption activities. It also included details like Central GST (CGST), State GST (GST) and Compensation Cess collected from imports and domestic sales during the month.
Sources said the gross GST collection so far this financial year (April-June) stood at Rs 5.57 lakh Crore. The government had collect Rs 1.73 lakh Crore as gross GST in May 2024 and Rs 1.61 lakh Crore in June 2023. Sources said integrated GST (IGST) of Rs 39,586 Crore was earmarked for CGST and Rs 33,548 Crore for SGST. GST collections had reached a record high of Rs 2.1 lakh Crore in April.
Marking seven years of GST, the Finance Ministry said in a post on social media platform the medium has brought happiness and relief to every home.”
It said that the GST taxpayer base has increased from 1.05 Crore in April 2018 to 1.46 Crore in April 2024.
