GST collection crosses Rs 1.40 lakh cr in June

at 10:49 pm

New Delhi: The GST revenue collection has exceeded Rs 1.40 lakh crore mark in June, the second-highest collection next to April 2022 and 56% higher as compared to the same month last year, the Ministry of Finance said today.

The gross GST revenue collected in June 2022 is ₹144,616 crore of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75887 crore (including ₹40102 crores collected on import of goods) and cess is ₹11,018 crore (including ₹ 1197 crore collected on import of goods), the Ministry said in a statement.

The gross GST collection in June 2022 is the second-highest collection next to the April 2022 collection of ₹1,67,540 crore.

The government has settled ₹29,588 crores to CGST and ₹24,235 crore to SGST from IGST as regular settlement.

In addition, the Centre has also settled ₹27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs.

The total revenue of Centre and the States in the month of June 2022 after regular and adhoc settlement is ₹68,394 crore for CGST and ₹70,141 crore for the SGST.

The revenues for the month of June 2022 are 56% higher than the GST revenues in the same month last year of ₹92,800 crores, the Ministry said.

During the month, revenues from import of goods was 55% higher and the revenues from domestic transaction (including import of services) are 56% higher than the revenues from these sources during the same month last year, it said.

This is the fifth time the monthly GST collection crossed ₹1.40 lakh crore mark since inception of GST and fourth month at a stretch since March 2022.

The collection in June’2022 is not only the second-highest but also has broken the trend of being low collection month as observed in the past. Total number of e-way bills generated in the month of May 2022 was 7.3 crore, which is 2% less than 7.4 crore e-way bills generated in April 2022.

The average monthly gross GST collection for the first quarter of the FY 2022-23 has been ₹1.51 lakh crore against the average monthly collection of ₹1.10 lakh crore in the first quarter of the last Financial year showing an increase of 37%, the ministry said.

Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST.

The gross cess collection in this month is the highest since the introduction of GST, it added.