Business
At Rs 1.44 Lakh Crore, GST Collection Up 56 Per Cent Year-On-Year
GST collections
The Goods and Services Tax (GST) revenue in June rose to Rs 1.44 lakh crore, registering a 56 per cent increase over the same month last year, Finance Minister Nirmala Sitharaman said on Friday.
GST revenue for May stood at nearly Rs 1.41 lakh crore.
This is only the fifth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and fourth month at a stretch since March 2022.
Earlier in April, the GST collection touched Rs 1.68 lakh crore, the highest ever figure since the inception of the indirect tax regime in 2017.
"The gross GST revenue collected in the month of June 2022 is Rs 144,616 crore of which CGST is Rs 25,306 crore, SGST is Rs 32,406 crore, IGST is Rs 75887 crore (including Rs 40102 crore collected on import of goods) and cess is Rs 11,018 crore (including Rs 1,197 crore collected on import of goods)," the Ministry of Finance said in a statement on Friday (1 July).
The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection of Rs 1,67,540 crore, the ministry said.
The government has settled Rs 29,588 crore to CGST and Rs 24,235 crore to SGST from IGST, it added.
In addition, Centre has also settled Rs 27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of June 2022 after regular and adhoc settlement is Rs 68,394 crore for CGST and Rs 70,141 crore for the SGST.
The revenues for the month of June 2022 are 56 per cent 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 per cent higher than the revenues from these sources during the same month last year.
The collection in June 2022 is not only be the second highest but also has broken the trend of being low collection month as observed in the past, the ministry said.
Total number of e-way bills generated in the month of May 2022 was 7.3 crore, which is 2 per cent less than 7.4 crore e-way bills generated in the month of April 2022.
The average monthly gross GST collection for the first quarter of the FY 2022-23 has been Rs 1.51 lakh crore against the average monthly collection of Rs 1.10 lakh crore in the first quarter of the last Financial year showing an increase of 37 per cent.
According to the ministry, coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST.
Further, the gross cess collection in this month is the highest since introduction of GST, it added.
(With inputs from PTI)
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