India’s Goods and Services Tax (GST) collections have demonstrated robust growth in June 2024, indicating a strong economic performance. The total gross GST revenue for June 2024 reached INR 1,73,813 crore, marking a 7.63% increase from the INR 1,61,497 crore collected in June 2023.
1. Domestic Revenue:
Central GST (CGST) collections increased by 5.2% to INR 32,627 crore from INR 31,013 crore in June 2023. State GST (SGST) collections grew by 6.3% to INR 40,715 crore from INR 38,292 crore in the same period last year.
Integrated GST (IGST) saw a substantial increase of 14.6%, reaching INR 47,270 crore from INR 41,256 crore. The revenue from Cess also grew by 12.1%, amounting to INR 12,188 crore compared to INR 10,872 crore in June 2023.
2. Import Revenue:
IGST collections from imports slightly increased by 2.6% to INR 40,040 crore from INR 39,035 crore. However, Cess revenue from imports saw a decline of 5.4%, reducing to INR 972 crore from INR 1,028 crore.
Total Gross GST Revenue:
The overall gross GST revenue (combining domestic and import collections) stood at INR 1,73,813 crore, representing a 7.63% growth year-on-year.
Net GST Revenue:
After accounting for refunds, the net GST revenue for June 2024 was INR 1,53,867 crore, which is a 6.28% increase from the INR 1,44,776 crore collected in June 2023.
Year-to-Date (YTD) Performance:
For the period of January to June 2024, the gross GST revenue reached INR 5,56,818 crore, growing by 10.13% from INR 5,05,622 crore in the corresponding period of 2023.
The net GST revenue for the same period was INR 4,90,082 crore, up by 9.91% from INR 4,45,902 crore.
The Ministry of Finance stated that the consistent growth in GST collections reflects the effectiveness of compliance measures and economic recovery.
Even though the importance of maintaining this momentum to achieve the annual revenue targets and ensure fiscal stability was emphasised by the government, there was no mention about the month-on-month growth or momentum of revenue collections under the indirect tax regime.
With both gross and net collections showing significant increases, about sustaining this growth through continued reforms and enhanced compliance efforts.
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