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GST Collection Surges By 56% YoY In June to Rs 1,44,616 crore

Finance Minister Nirmala Sitharaman while revealing the numbers for June said that monthly collections are now not going below the figure of 1.4 lakh core

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The Goods and Services Tax (GST) revenue for the month of June surged by 56 per cent year-on-year to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May.

Finance Minister Nirmala Sitharaman while revealing the numbers for June said that monthly collections are now not going below the figure of 1.4 lakh core.

The CGST revenue stood at Rs 25,306 crore, SGST at Rs 32,406 crore, IGST Rs 75,887 crore and the GST compensation cess at Rs 11,018 crore.

The government settled Rs 29,588 crore to CGST and Rs 24,235 crore to SGST from IGST. 

In addition, the Centre also settled Rs 27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States.

The total revenue of Centre and the States in June after regular and ad hoc settlement stood at Rs 68,394 crore for CGST and Rs 70,141 crore for SGST. 

 For June, the gross GST collection was the second highest collection after April. 

"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 government said in a statement.

The government attributed the robust collections to economic recovery, anti-evasion activities and especially action against fake billers.

This past week, the 47th GST Council Meet, held in Chandigarh decided to increase rates on certain items to address the inverted duty structures and withdrawing exemptions, effective from 18 July.




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GST Collection June 2022