GST Collection Rises 8% to Rs 1.74 Lakh Cr in June

New Delhi, Jul 1 (PTI) The gross GST collection increased 8 per cent to Rs 1.74 lakh crore in June, sources said on Monday.

The government, however, has discontinued the official release of monthly GST collection data, they added.

Sources said the gross Goods and Services Tax (GST) collection so far this fiscal (April-June) stood at Rs 5.57 lakh crore.

The collection in June is higher than the Rs 1.73 lakh crore collected in May 2024. It is 8 per cent higher than Rs 1.61 lakh crore mopped up in June 2023.

The Integrated GST (IGST) worth Rs 39,586 crore was settled towards Central GST (CGST) and Rs 33,548 crore towards State GST (SGST).

The GST mop-up had touched a record high of Rs 2.10 lakh crore in April.

The government, sources said, would not be releasing any statement with regard to tax collection going ahead.

EY India Tax Partner Saurabh Agarwal said this robust performance reflects a buoyant economy, with businesses demonstrating commendable self-compliance. Timely audits, scrutiny measures, and effective enforcement by the department have all contributed to this success.

"The significant surge in collections also raises expectations for the next wave of GST reforms. These reforms could potentially address working capital blockages, streamline tax rates, ease ITC restrictions, and implement sector-specific solutions to tackle existing challenges," Agarwal added.