GST Revenue Surge: A June Record

In June, GST collections surged by 6.2% to over Rs 1.84 lakh crore, compared to Rs 1.73 lakh crore the previous year. The rise was driven by domestic transactions and import revenue increases. Refunds also grew significantly, indicating an overall healthy momentum in India's tax revenue landscape.

According to the latest government data released on Tuesday, Gross GST collections saw a significant increase of 6.2% in June, accumulating over Rs 1.84 lakh crore. This increase marks a noticeable growth compared to Rs 1.73 lakh crore collected in June last year.

The data also revealed that while the last month's GST collection hit Rs 2.01 lakh crore, this year saw a peak in April with collections reaching Rs 2.37 lakh crore. The uptick in June was driven primarily by a 4.6% increase in domestic transactions, resulting in about Rs 1.38 lakh crore, and an 11.4% rise in GST from imports, which contributed Rs 45,690 crore.

The component-wise breakup shown by the data includes Central GST revenues at Rs 34,558 crore, State GST at Rs 43,268 crore, and Integrated GST at approximately Rs 93,280 lakh crore. An increase in total refunds by 28.4%, amounting to Rs 25,491 crore, further indicates a robust fiscal performance, with the net GST mop-up experiencing a 3.3% year-on-year growth, standing at about Rs 1.59 lakh crore.

(With inputs from agencies.)