India's gross Goods & Services Tax collections grew by 12% in June, coming in at Rs 1,61,497 crore, according to government data released on Saturday.
Today marks six years since the launch of the GST, which came into effect in 2017.
June collections, which are for transactions in May, have remained over the Rs 1.5 lakh crore mark since February. This is also the fourth time the gross GST collection has crossed the Rs 1.60 lakh crore-mark.
However, they have remained below the record level set by transactions in March 2023, when the gross GST revenue stood at Rs 1.87 lakh crore, buoyed by a fiscal-ending tax payout.
The average monthly gross GST collection for Q1 of FY22 is Rs 1.10 lakh crore, whereas the average of collections in FY23 came in at Rs 1.51 lakh crore. So far the projection for the average collection in the fiscal 2024 is Rs 1.69 lakh crore.
Revenues from domestic transactions rose 18%, including import of services.
Break-Down Of GST Collections
Gross GST revenue: Rs 1,61,497 crore.
Central GST: Rs 31,013 crore.
State GST: Rs 38,292 crore.
Integrated GST: Rs 80,292 crore, including Rs 39,035 crore collected on imports of goods.
Cess: Rs 11,900 crore, including Rs 1,028 crore collected on the import of goods.
State-Wise Trends
Top earners in terms of volume were Maharashtra, which saw a 17% annual growth to Rs 26,099 crore, followed by Karnataka which registered Rs 11,193 crore in collections (27% YoY growth) and Gujarat at Rs
10,120 crore (10% YoY growth).
States like Karnataka (27% YoY growth), Kerala (26%), Tamil Nadu (20%) and Telangana (20%) recorded high revenue growths, with over 20% growth in collections from the same period a year ago.
States with relatively smaller tax bases like Himachal Pradesh, Chhattisgarh, Arunachal Pradesh, Manipur, Meghalaya, Assam and Jharkhand also recorded annual revenue growths over 20% for the month of June.
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