GST collection: Goods and Services Tax (GST) revenue collection in June 2024 stood at around ₹1.74 lakh crore. This represents an increase of about 7.7% from the June 2023 collection of ₹1.61 lakh crore. However, for the first time since the Covid pandemic, the growth rate of GST is below double digits. A slight increase of 2 percent was seen in the collections in July 2021. Let us inform you that the total GST collection in the first three months of the current financial year has reached Rs 5.57 lakh crore.
Settlement of Integrated GST (IGST) was Rs 39,586 crore under Central GST (CGST) and Rs 33,548 crore under State GST (SGST). GST collections had touched a record high of Rs 2.10 lakh crore in April this year. However, the figures have not been released officially by the government.
What do experts say
Saurabh Aggarwal, tax partner, EY India, said this strong performance reflects the pickup in the economy. Along with the tax department, the business world also has a contribution in this. Aggarwal said the strong growth in collections is expected to push forward the GST reforms. Further reforms could potentially address working capital constraints.
7 years of GST
Let us tell you that GST has completed 7 years on 1st July. About 17 local taxes and cess were included in GST and it was implemented on July 1, 2017. The base of GST taxpayers was 1.05 crore till April 2018, which has increased to 1.46 crore in April 2024. On completion of 7 years, the Finance Ministry of the Central Government has told about the success of GST. According to the Finance Ministry, after the implementation of GST, expenditure on food items and mass consumption items has reduced in every household.
