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GST collections in June up 56% to Rs 1.44 lakh crore in June
Sitharaman said Rs 1.4 lakh crore is the `rough bottom line` now for GST collections.
Highlights
- GST revenue for May stood at nearly Rs 1.41 lakh crore.
- GST collection figure in May was Rs 1,40,885 crore.
- The two-day 47th GST Council meeting in Chandigarh just finished.
New Delhi: The Goods and Services Tax (GST) revenue in June rose to Rs 1.44 lakh crore, registering a 56 per cent increase over the same month last year, Finance Minister Nirmala Sitharaman said on Friday.
Sitharaman said Rs 1.4 lakh crore is the "rough bottom line" now for GST collections.
GST revenue for May stood at nearly Rs 1.41 lakh crore. Read More: Priyanka Chopra's homeware brand sells tablecloth for Rs 30,600, netizens react
The GST collection figure in May was Rs 1,40,885 crore, a 44 percent rise year on year. This is only the fifth time that monthly GST collection has exceeded Rs 1.40 lakh crore since the start of GST, and the fourth month in a row since March 2022. Read More: Bank Holidays July 2022: Is July 1 a bank holiday? Banks to remain closed for 14 days this month, check dates before visiting bank branches in July
Another set of data released today revealed that manufacturing sector activity in India fell to a nine-month low in June. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index declined from 54.6 in May to 53.9 in June, signalling the sector's twelfth straight monthly increase.
According to the finance ministry, the finance minister stated that the "rough bottom line" for GST receipts is currently 1.4 lakh crore.
Factory orders and output increased for the twelfth consecutive month in June, but the rates of expansion slowed to nine-month lows in both cases.
The two-day 47th GST Council meeting in Chandigarh just finished. Several items' GST rates were also altered during the meeting. The GST rates for online gambling, horse racing, and casinos will be determined during the 48th GST Council Meeting, which will take place in Madurai during the first week of August.
A resolution on the compensation cess could not be made. According to the Finance Minister, compensation can be extended for at least a couple years, if not five years.
GST came into existence on July 1, 2017, replacing 17 central and state levies. At the time, it was decided that states would be reimbursed for any revenue loss from the new tax for the next five years. Because of the pandemic, states have sought an expansion of this compensation mechanism.