GST revenue up 56% in June, FM signals Rs. 1.4L crore new normal

India’s GST collections rose 56%, at their fastest pace in over a year, to nearly Rs 1.45 lakh crore in June, marking the 12th consecutive month of over Rs 1 lakh crore collections.

The Rs 1,44,616 crore collected in June, based on transactions in May, was the second highest monthly generation since the new tax regime kicked in five years ago. June was the fourth straight month of collections topping Rs 1.4 lakh crore.

“The trend that was being talked about, we are now reversing that and showing that the GST revenues remain above Rs 1.4 lakh crore. So, Rs 1.4 lakh crore is the rough bottom line, we are not going below that. We will remain above that,” finance minister Nirmala Sitharaman said at the GST Day celebrations.

With the latest set of rate changes and tightening of norms, the government is hoping for further improvement in the coming months.

“The average monthly gross GST collection for the first quarter of 2022-23 has been Rs 1.51 lakh crore against the average monthly collection of Rs 1.10 lakh crore in the first quarter of the last financial year, showing an increase of 37%. Coupled with economic recovery, anti-evasion activities, especially action against fake billers, have been contributing to the enhanced GST. The gross cess collection in this month is the highest since introduction of GST,” the finance ministry said in a statement.