GST Collections For June At Rs 1.02 Lakh Crore
The goods and services tax collection rebounded to breach the Rs 1-lakh-crore mark for June after hitting a four-month low in May.
The mop-up for June, collected in July, stood at Rs 1.02 lakh crore against Rs 99,939 crore in May, according to a statement by the Ministry of Finance. That's a 5.7 percent rise over the year-ago period. It is 3.9 percent higher than the monthly average of Rs 98,114 crore in FY19.
Break-up of tax collected under various heads:
- Central GST: Rs 17,912 crore
- State GST: Rs 25,008 crore
- Integrated GST: Rs 50,612 crore
- Compensation Cess: Rs 8,511 crore
The number of GST returns filed during the month improved over the previous month. Total GSTR-3B returns filed for the month of June by July 31 were 75.79 lakh compared with 74.38 lakh for May and 72.45 lakh for April.
The increase in GST collections after a drop in May can be attributed to government's concerted efforts to plug tax evasion including advanced data analytics coupled with better compliance, said Krishan Arora, partner at Grant Thornton India LLP.
GST revenue collections this year seem to have stabilised at around Rs 1 lakh-crore-mark, said Abhishek Jain, partner at EY India. The next uptick in revenue is expected with the launch of the new return formats and related credit availability linked to matching, Jain said.
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