Mixed GST Revenues Reflect Market Dynamics Amid Global Uncertainty

GST collections in June were Rs 1.84 lakh crore, undershooting Rs 2 lakh crore from April and May. Revenues from domestic transactions rose 4.6%, while imports increased by 11.4%. Despite year-on-year growth of 3.3%, monthly figures depict an 8.48% decline. Experts express cautious optimism despite varying state performances.

Gross GST collections in June saw a 6.2% increase, reaching Rs 1.84 lakh crore. This figure falls below the Rs 2 lakh crore milestone achieved in the previous two months, according to government data shared on Tuesday.

During May, GST collections stood at Rs 2.01 lakh crore, with April hitting a record high of Rs 2.37 lakh crore. The current numbers reflect a 4.6% rise in domestic transactions and an 11.4% increase in import revenues, totaling Rs 1.38 lakh crore and Rs 45,690 crore, respectively.

Karthik Mani from BDO India commented on the net GST mop-up, which recorded a 3.3% year-on-year growth but an 8.48% month-on-month decline. Optimism remains for a rebound as India navigates a 'Goldilocks situation' amid global challenges, highlighted by state-wise variations in collection performance.

(With inputs from agencies.)