GST Collections Rise by 12% to Over Rs 1.61 trn in June: Finance Ministry

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The Finance Ministry announced on Saturday that GST collections for the month of June have increased by 12 percent, reaching over Rs 1.61 lakh crore. This marks the fourth time since the implementation of the GST regime on July 1, 2017, that gross GST collection has exceeded the Rs 1.60 lakh crore mark.

According to the Finance Ministry, the average monthly gross GST collections for the first quarter of the financial years 2021-22, 2022-23, and 2023-24 were Rs 1.10 lakh crore, Rs 1.51 lakh crore, and Rs 1.69 lakh crore, respectively.

The statement from the Ministry provided a breakdown of the June 2023 GST collection figures, which include Rs 31,013 crore as Central GST, Rs 38,292 crore as State GST, Rs 80,292 crore as Integrated GST (including Rs 39,035 crore collected on import of goods), and Rs 11,900 crore as cess (including Rs 1,028 crore collected on import of goods).

Compared to the same month last year, June 2023 revenues are 12 percent higher. The revenues from domestic transactions, including import of services, have seen an 18 percent increase compared to June of the previous year.

In April 2023, GST revenues reached a record high of Rs 1.87 lakh crore, while in May, the collection stood at Rs 1.57 lakh crore.

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Erric Ravi
Erric Ravihttps://www.storifynews.com
Erric Ravi is an entrepreneur, speaker & the founder of Storify News and Gurgaon Times of India He is the Co-Founder of The Storify News Times. He was born and raised in Gurgaon, India, where he developed an early interest in technology and the internet. After completing his Bachelor's degree in Information Technology from a reputed university, Erric began his career as an SEO specialist. He quickly made a name for himself in the industry by staying up-to-date with the latest SEO trends and techniques, and he soon gained a reputation as a skilled and knowledgeable expert in the field.

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