India’s gross GST collection up 7.7% to Rs 1.74 trillion in June

2 min read Last Updated : Jul 01 2024 | 6:53 PM IST

India’s gross GST collection in June stood at Rs 1.74 trillion, a growth of 7.7 per cent year-on-year, an official source told Business Standard.

This takes the total mop-up to Rs 5.57 trillion so far in the current financial year.

In April 2023, GST collection reached a record-high of Rs 1.87 trillion.

The latest data coincides with GST’s seventh anniversary in India. The establishment of GST was a major turning point in Indian taxation history. In a diverse and federal nation like India, where several tax laws were combined into one system, the adoption of this all-inclusive system was especially noteworthy.

Of the total gross GST revenue collected in June, CGST is Rs 39,586 crore and SGST is Rs 33,548 crore, the source said.

GST, which completed seven years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said on Monday.

The theme of the 7th GST Day is Sashakt Vyapar Samagra Vikas (empowered trade overall growth). “With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones,” the ministry said in a post on X.

The GST taxpayer base increased to 1.46 crore in April 2024 from 1.05 crore in April 2018. The compliance burden was reduced for small taxpayers, and the GST Council has recommended waiving the annual return filing requirement for taxpayers with aggregate annual turnover of up to Rs 2 crore in fiscal 2023-24.

The quarterly return filing and monthly payment of taxes (QRMP) scheme has reduced the number of returns filed in a year from 24 to 8 for more than 44 lakh small taxpayers. The Invoice Furnishing Facility (IFF) ensured the seamless passage of Input Tax Credit (ITC), the ministry added.

First Published: Jul 01 2024 | 6:49 PM IST

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