June GST collection rises 8% to Rs 1.74 lakh crore: Report

In June, the gross GST collection rose by 8% to Rs 1.74 lakh crore, reported PTI. Notably, the government has ceased the official monthly release of GST collection data.

GST collection in June

From April to June this fiscal year, the gross GST collection amounted to Rs 5.57 lakh crore. June's collection exceeded the Rs 1.73 lakh crore collected in May 2024 and marked an 8% increase from the Rs 1.61 lakh crore collected in June 2023.

In June, Rs 39,586 crore from Integrated GST (IGST) was allocated to Central GST (CGST), and Rs 33,548 crore was allocated to State GST (SGST). The GST collection reached a record high of Rs 2.10 lakh crore in April.

As per PTI, the government will no longer release statements regarding tax collections in the future.

Saurabh Agarwal, a Tax Partner at EY India, told PTI that this strong performance indicates a healthy economy, with businesses showing impressive compliance. The success is attributed to timely audits, scrutiny measures, and effective enforcement by the department.

Agarwal also mentioned that the notable increase in collections might set the stage for upcoming GST reforms. These reforms could address working capital issues, simplify tax rates, relax Input Tax Credit (ITC) restrictions, and introduce sector-specific solutions to tackle existing challenges.

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