New Delhi : GST (Goods and Services Tax) in India has completed six years on Saturday. Goods and Services Tax was implemented six years ago on July 1, 2017, during the tenure of the then Finance Minister Arun Jaitley. However, ever since GST has been implemented in the country, there has been a steady increase in tax collection under the new system. According to the data released by the Finance Ministry on Saturday, an increase of about 12 per cent has been registered in the GST collection in June 2023. With this, the GST collection has crossed Rs 1.61 lakh crore.
Gross tax collection crossed 1.60 lakh crore for the fourth time
According to the information given by the Ministry of Finance, since the implementation of GST tax system in India six years ago on July 1, 2017, the gross tax collection exceeded Rs 1.60 lakh crore for the fourth time. The Finance Ministry said that the average monthly gross GST collections for the first quarter (April-June) of 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively.
Integrated GST collection of Rs 80,292 crore
The Finance Ministry statement said that the gross GST revenue collection in June 2023 is Rs 1,61,497 crore. This includes Central GST Rs 31,013 crore, State GST Rs 38,292 crore, Integrated GST Rs 80,292 crore (including Rs 39,035 crore collected on import of goods). In addition, the cess (cess) is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).
GST Collection: GST collection for the fourth time crossed Rs 1.40 lakh crore
Recorded 12 percent increase in revenue collection in June 2023
According to the information given by the Ministry of Finance, the revenue collection in June 2023 is 12 percent more than the same month last year. Revenue from domestic transactions (including import of services) grew by 18 per cent year-on-year during the month under review. Earlier in April, GST revenue collection reached a record high of Rs 1.87 lakh crore. In May it was Rs 1.57 lakh crore.
