GST Collection June 2024: June’s collection exceeded May 2024’s collection of ₹1.73 lakh crore. Compared to the ₹1.61 lakh crore collected in June 2023, it is 8% higher.
According to sources, the gross GST collection rose by 8% in June to ₹1.74 lakh crore. They added, the monthly release of GST collection data.
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According to sources, ₹5.57 lakh crore has been collected in gross Goods and Services Tax (GST) so far this fiscal year (April-June). June’s collection exceeded May 2024’s collection of ₹1.73 lakh crore. Compared to the ₹1.61 lakh crore collected in June 2023, it is 8% higher.
A total of ₹39,586 crore of the Integrated GST (IGST) was allocated to the Central GST (CGST) and ₹33,548 crore to the State GST (SGST).
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In April, the GST mop-up reached a record high of ₹2.10 lakh crore. According to insiders, the administration will not be making any announcements regarding future tax collection.
According to an Expert, this strong performance is reflective of a healthy economy, with businesses exhibiting excellent self-compliance. This achievement has been made possible by timely audits, stringent departmental enforcement, and scrutiny procedures.
Expectations for the upcoming round of GST revisions are also raised by the notable spike in receipts. These revisions may reduce ITC limits, remove working capital obstacles, simplify tax rates, and apply industry-specific remedies to current problems, according to that Expert.
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