02-Jul-2024
2 mins read
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The government released the official GST collection data for June on Monday. The gross GST collection increased 8% to Rs 1.74 lakh crore, thanks to better compliance and consumption.
Goods and Service Tax collection so far for this fiscal (April-June) stood at Rs 5.57 lakh crore.The GST collection in June is higher than Rs 1.73 lakh crore collected in May 2024. The GST collection has topped in the month of April at Rs 2.10 lakh crore.
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How Integrated GST Amount Settled?
The Integrated GST worth Rs 39,586 crore was settled towards Central GST and Rs 33,548 crore towards State GST.
The Finance Ministry has discontinued releasing detailed GST collection data on day 1 of every month. This practice continued for 74 months. No reason has been given for discontinuing the release of monthly GST collection data.
Finance Ministry Comment in GST Collection
The Finance Ministry said that with reduced tax rates on household goods after implementation, seven years of GST has brought “happiness and relief to every home” through lower GST on household appliances and mobile phones.
Giving comparative charts of pre- and post-GST tax rates of household goods, the Ministry said GST has enhanced the ease of living with every household saving on expenditure on food items and items of mass consumption after GST implementation.
It further said the compliance burden was reduced for small taxpayers, and the GST Council has recommended waiving the annual return filing requirement for taxpayers with yearly turnover of up to Rs 2 crore in fiscal 2023-24.
The finance ministry said the quarterly return filing and monthly tax payment QRMP scheme has reduced the number of returns filed in a year from 24 to 8 for more than 44 lakh small taxpayers; IFF ensured the seamless passage of Input Tax Credit.
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