goods and services Tax In June (GST) collections grew 56 per cent year-on-year to reach Rs 1,44,616 crore. economic recovery and anti-piracy campaigns like action against fake billers, according to an official statement released on Friday. The mop-up in June 2021 was Rs 92,800 crore.
GST collection June 2022 is the second highest ever, after April 2022 collections of Rs 1,67,540 crore, the finance ministry said in a statement, adding that this is the fifth time that monthly GST collections have crossed Rs 1.40 lakh. Crore figure since inception of GST and fourth consecutive month since March 2022.
Finance Minister Nirmala Sitharaman on Friday said Rs 1.4 lakh crore is now “roughly the bottom line” for GST collections.
“Gross GST revenue collected in June 2022 is Rs 1,44,616 crore, of which CGST is Rs 25,306 crore, SGST Rs 32,406 crore, IGST Rs 75,887 crore (including Rs 40,102 crore collected on import of goods) and Cess Rs. 11,018 crore (including Rs 1,197 crore collected on import of goods),” the Finance Ministry said.
The government has fixed Rs 29,588 crore from IGST (Integrated GST) to CGST (Central GST) and Rs 24,235 crore to SGST (State GST). In addition, the Center has settled IGST of Rs 27,000 crore in June 2022 on an ad-hoc basis in the ratio of 50:50 between the Center and the States/Union Territories (UTs). The total revenue of the Center and the states after regular and ad hoc settlement by June 2022 stood at Rs 68,394 crore for CGST and Rs 70,141 crore for SGST.
“The revenue for June 2022 is 56 per cent higher than the GST revenue of Rs 92,800 crore in the corresponding month of the previous year. During the month, revenue from imports of goods was 55 per cent higher and revenue from domestic transactions (including import of services) was 56 per cent higher than revenue from these sources during the same month last year.
The total number of e-way bills in May 2022 was 73 million, which is two percent less than the 74 million e-way bills generated in April 2022.
Abhishek Jain, Partner (Indirect Taxes) at KPMG in India, said, “These persistently high collections indicate a recovery from the pandemic and can also be attributed to inflation and tighter checks and balances implemented by the government. That being said, the collection should give some relaxation to both the Center and the states on the revenue front. ,
MS Mani, Partner, Deloitte India said, “Higher GST collections, which lead to a new monthly normal of Rs 1.4 lakh crore during the first quarter of FY23, come on the heels of growth in several macroeconomic parameters. “
He said that the increase in state-wise collections as compared to the corresponding month of last year is impressive as several large states have shown growth of more than 40 per cent. Since this comes in the backdrop of the cessation of guaranteed compensation to the states, it will pacify many states which were worried about their revenue-raising ability in the post-cess period.
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