जून में जीएसटी संग्रह 7.7% बढ़कर 1.74 लाख करोड़ रुपये हो गया; तीन साल में सबसे धीमी वृद्धि दर।

जून में जीएसटी संग्रह 7.7% बढ़कर 1.74 लाख करोड़ रुपये हो गया; तीन साल में सबसे धीमी वृद्धि दर।

GST collection rises 7.7% to Rs 1.74 lakh crore in June; slowest rate of growth in 3 years.

Gross Goods and Services Tax (GST) collections grew by 7.7% year-on-year to Rs 1.74 lakh crore in June, marking the slowest growth in three years.

  • Business
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  • 02, Jul, 2024
Jyoti Ahlawat
Jyoti Ahlawat
  • @JyotiAhlawat

GST collection rises 7.7% to Rs 1.74 lakh crore in June; slowest rate of growth in 3 years.

Gross Goods and Services Tax (GST) collections increased by 7.7 percent year-on-year to Rs 1.74 lakh crore in June (for sales in May), according to sources on Monday. This marks the slowest growth rate in GST collections in three years, with the last slower pace recorded in June 2021.

This announcement coincided with the seventh anniversary of the GST rollout. The government has decided to cease the official release of monthly gross GST collections, which were typically announced on the first day of each month. Sources indicated that no further statements regarding GST collections will be issued by the government.

Previously, the monthly GST collection releases included a state-wise breakdown of revenue, serving as an indicator of economic and consumption activities. They also detailed the breakup of Central GST (CGST), State GST (SGST), and compensation cess collected from imports and domestic sales. Sources reported that the gross GST collection for the current financial year (April-June) stood at Rs 5.57 lakh crore. The government collected Rs 1.73 lakh crore in May 2024 and Rs 1.61 lakh crore in June 2023. Additionally, Rs 39,586 crore of Integrated GST (IGST) was settled towards CGST and Rs 33,548 crore towards SGST. In April, the GST collections reached a record high of Rs 2.1 lakh crore.

In a series of posts on the social media platform X, the Finance Ministry highlighted the impact of GST on its seventh anniversary, stating that the indirect tax regime has reduced taxes on household goods, bringing "happiness and relief to every home." The Ministry noted, "With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones."

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Jyoti Ahlawat

Jyoti Ahlawat

  • @JyotiAhlawat