The central and state governments collected a total of Rs 1.61 lakh crore in Goods and Services Tax (GST) in the month of June, reflecting a significant increase of 12% compared to the revenue collected in the same month of the previous year. This information was revealed by the Finance Ministry on Saturday.
This marks the fourth time since the implementation of the GST regime on 1 July 2017 that the gross GST collection has crossed the Rs 1.60 lakh crore mark. Initially, when GST was introduced in 2017, the monthly revenues ranged from Rs 85,000-95,000 crore. However, over the years, the collection has steadily increased and currently stands at around Rs 1.5 lakh crore, with a consistent upward trend. The collection reached an all-time high of Rs 1.87 lakh crore in April 2023.
According to the Finance Ministry, the average monthly gross GST collection for the first quarter (April-June) of the financial years 2021-22, 2022-23, and 2023-24 were Rs 1.10 lakh crore, Rs 1.51 lakh crore, and Rs 1.69 lakh crore, respectively.
Nagaland has witnessed an astounding growth of 136%, with GST collection in June 2023 amounting to Rs 79.2 crore, as compared to Rs 33.58 crore in June 2022. Additionally, the SGST (State Goods and Services Tax) portion of the IGST (Integrated Goods and Services Tax) settled to the state of Nagaland in June 2023 amounted to Rs 61.38 crore.
Meanwhile, as the Goods and Services Tax (GST) celebrates its sixth anniversary on Saturday, Union Finance Minister Nirmala Sitharaman criticized the critics who referred to it as the “Gabbar Singh Tax.” Sitharaman dismissed the jibe as “shameful” and highlighted the relief provided to the common citizens of the country through the implementation of GST.
The finance minister further explained that the previous tax system involved multiple taxes, resulting in a cascading effect where the same product was taxed multiple times, making it costlier for consumers. She emphasized the positive impact of GST, noting that it has increased the revenue buoyancy of states and enabled greater revenue collection without altering the tax rate.