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GST Collection Recorded at ₹1.74 Lakh Crore in June 2024, up 8% YoY

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Synopsis:

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.

GST Collection for June 2024

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.

Quarterly Performance

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.

Distribution of IGST

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.

Government's Announcement

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.

Expert Analysis

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.

Future Expectations

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.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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