Whether it is common consumer, whether it is the state government, a matter of tax buoyancy, whether it is making it digital and simpler, GST stands out as an exemplar,” said Union Minister for Finance & Corporate Affairs Nirmala Sitharaman.
| Photo Credit: SHIV KUMAR PUSHPAKAR
GST collections crossed ₹1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime, rising 12% to over ₹1.61 lakh crore in June, the Finance Ministry said on Saturday.
As the Goods and Services Tax (GST) completed 6 years of implementation, the government recounted the benefits that the indirect tax regime brought about to the economy, including lower tax rates for goods and services and removed discretion.
The average gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 stood at ₹1.10 lakh crore, ₹1.51 lakh crore and ₹1.69 lakh crore, respectively, the Finance Ministry said in a statement.
Speaking on the GST Day 2023 event, Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri said the benefits of GST both to the macroeconomy and taxpayers are well documented.
“Greater revenue efficiency, and we have seen some of that today with revenue collection for June exceeding ₹1.60 lakh crore, better compliance, market integration,” Mr. Johri said.
Finance Minister Nirmala Sitharaman complimented tax officers for their “dedication and commitment and grit”, which helped in making monthly GST revenues of ₹1.60 lakh crore a “new normal”.
“Whether it is common consumer, whether it is the state government, a matter of tax buoyancy, whether it is making it digital and simpler, GST stands out as an exemplar,” Ms. Sitharaman said.
In June, the gross GST revenue collected was ₹1,61,497 crore of which Central GST is ₹31,013 crore, State GST is ₹38,292 crore, Integrated GST is ₹80,292 crore (including ₹39,035 crore collected on import of goods) and cess is ₹11,900 crore (including ₹1,028 crore collected on import of goods).
The revenues for June 2023 are 12% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 18% higher than the revenues from these sources during the same month last year.
The revenues had touched a record high of ₹1.87 lakh crore in April. In May, it was ₹1.57 lakh crore.
EY LLP Tax Partner Saurabh Agarwal said the GST collection continues to follow an uptrend, and states, including Jammu and Kashmir, Lakshadweep, Nagaland, Mizoram and Manipur, saw remarkable growth in the collection in June.
“With the launch of a special drive of chasing fake GST registrations combined with data analysis using various artificial intelligence tools government seems to be on the track of seemingly upward collection of taxes,” Mr. Agarwal added.
For all the latest business News Click Here
