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GST collection in June 2024 was recorded at ₹1.74 lakh crore, up 8% YoY. For the quarter ended June 2024, the total GST collection stood at ₹5.57 lakh crore. However, going forward, the Government stops the release of monthly data.
Gross GST collection for June 2024 amounted to ₹1.74 lakh crore, surpassing the ₹1.73 lakh crore collected in May 2024 and the ₹1.61 lakh crore collected in June 2023. This reflects a positive trend in revenue generation despite economic fluctuations.
For the quarter ended June 2024, the total GST collection stood at ₹5.57 lakh crore, underscoring steady revenue accruals amid economic activities and compliance measures.
A significant portion of the collection included Integrated GST (IGST), with ₹39,586 crore settled towards Central GST (CGST) and ₹33,548 crore towards State GST (SGST). This distribution highlights the contribution to both central and state revenues.
The government's decision to discontinue the official monthly release of GST collection data marks a departure from previous transparency norms, signalling potential changes in reporting practices.
Industry experts attributed the robust performance to a buoyant economy and commendable business compliance. Timely audits, scrutiny measures, and effective enforcement by tax authorities have played a crucial role in achieving these results.
Analysts raised expectations for forthcoming GST reforms to address issues like working capital constraints, simplifying tax structures, easing Input Tax Credit (ITC) restrictions, and introducing sector-specific solutions.
These reforms are anticipated to enhance operational efficiencies and tackle existing challenges in the GST regime.
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