Tuesday, July 16, 2024

GST collection jumps 7.7 pc in June to Rs 1.74 lakh crore


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New Delhi, July 1: India’s gross GST collection rose to Rs 1.74 lakh crore in June this year which represents a 7.7 per cent increase over the same month last year, according to sources.

This takes the total GST (goods and services tax) mop-up for the first three months of the current financial year to Rs 5.57 lakh crore. In April 2023, GST collection had soared to a record high of Rs 1.87 lakh crore. GST collections have been rising steadily reflecting the country’s robust economic growth and high tax compliance.

The GST regime, 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 an aggregate annual turnover of up to Rs 2 crore in fiscal 2023-24, the ministry added.



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