June GST collections jump 56% Y-o-Y to Rs 1.45 lakh crore

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Biznextindia : India’s Goods and Services Tax (GST) collections in June jumped 56 per cent year-on-year to around Rs 1.45 lakh crore on account of economic recovery and better anti-evasion measures, the finance ministry said on Friday. While, GST collections in June 2021 stood at Rs 92,800 crore, it was 1.41 lakh crore in May 2022.
Out of the Rs.144,616 crore, CGST is Rs.25,306 crore, SGST is Rs.32,406 crore, IGST is Rs.75887 crore (including Rs.40102 crore collected on import of goods) and cess is Rs.11,018 crore (including Rs. 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection of Rs.1,67,540 crore.

The government has settled Rs.29,588 crore to CGST and Rs.24,235 crore to SGST from IGST. In addition, Centre has also settled ₹27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of June 2022 after regular and adhoc settlement is Rs.68,394 crore for CGST and Rs.70,141 crore for the SGST.

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 be 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 the month of 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%. 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 introduction of GST.

 

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