GST collection has increased by 12 percent on an annual basis in June to cross the figure of 1.61 lakh crore. This is the fourth time after the implementation of GST, when the GST collection has crossed the figure of 1.60 lakh crores. This information has been given by the Ministry of Finance.
Releasing the GST collection data, the statement given by the Finance Ministry said that the average GST collection for the financial years 2021-22, 2022-23 and 2023-24 in the April to June quarter is 1.10 lakh crore, 1.51 lakh crore. And has been 1.69 lakh crores. Goods and Services Tax ie GST was implemented six years ago in 2017 only on July 1.
In a statement issued by the Finance Ministry, it was said that the gross income from GST in June 2023 has been Rs 1,61,497 crore. Out of this, Central GST collection is Rs 31,013 crore, State GST collection is Rs 38,292 crore and I GST collection is Rs 80,292 crore. This also includes tax of 39,035 crores taken on imported goods. Along with this, a cess of Rs 11,900 crore has been taken.
In June 2023, GST collection has seen an increase of 12 percent on an annual basis. Domestic transactions this month have seen an increase of 18 per cent as compared to the same period last year. This financial year has been good in terms of GST collection. In April, the revenue from GST was Rs 1.87 lakh crore, while in May this figure was Rs 1.57 lakh crore.