E-Paper
GST revenue in June surged to ₹144,616 crore, 2nd highest since inception
The average monthly gross GST collection for the first quarter of FY 2022-23 has been ₹1.51 lakh crore
The Goods and Services Tax (GST) revenue in June surged to ₹144,616 crore, the second-highest since the inception of the new indirect tax regime five years ago, on the back of rapid economic recovery and stricter compliance, the Union finance ministry said. In April, the collection was ₹1,67,540 crore.
“This is the fifth time the monthly GST collection crossed the ₹1.40 lakh crore mark since inception of GST and fourth month at a stretch since March 2022. The collection in June 2022 is not only the second-highest but also has broken the trend of being low collection month as observed in the past,” the ministry said in a statement.
The average monthly gross GST collection for the first quarter of FY 2022-23 has been ₹1.51 lakh crore. It was ₹1.10 lakh crore in the first quarter of the last financial year, the ministry said.
The revenue in June was 56% higher compared to the same month the previous year ( ₹92,800 crore). In June, revenues from the import of goods were 55% higher than from the domestic transaction (including import of services). They were 56% higher than the revenues from these sources during the same month last year, the ministry said.
The June revenue is a reflection of actual business activities undertaken in May. The gross collections in terms of value are robust despite a fall in the generation of e-way bills. The number of e-way bills generated in May was 7.3 crore or 2% less than the 7.4 crore generated in April.
Out of the gross revenue collected in June, central GST (CGST) was ₹25,306 crore, state GST (SGST) ₹32,406 crore, and integrated GST (IGST) ₹75,887 crore (including ₹40,102 crore collected on import of goods) and cess ₹11,018 crore (including ₹1,197 crore collected on import of goods).
The government settled ₹29,588 crore to CGST and ₹24,235 crore to SGST from IGST. In addition, the Centre has also settled ₹27,000 crore of IGST on an ad-hoc basis in the ratio of 50:50 between the Centre and states.
The total revenue of the Centre and states in June after the regular and ad-hoc settlement is ₹68,394 crore for CGST and ₹70,141 crore for the SGST.
“...economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST,” the ministry statement said.
