The volume of financial transactions within India witnessed an impressive 18% growth rate in June.
New Delhi: The Goods and Services Tax (GST) collection in India has once again reached a new high, demonstrating a robust growth rate. According to the latest data released by the finance ministry, GST collections stood at Rs 1,61,497 crore in June, marking a significant 12% increase compared to the same period last year. This surge in revenue is a positive indicator of economic activity within the country.
The volume of financial transactions within India witnessed an impressive 18% growth rate in June, when compared to June 2022 on an annualized basis. This rise in transactional activity further reinforces the positive momentum of the economy.
Notably, May 2023 recorded a GST collection of Rs 1,57,090 crore, indicating a month-on-month increase of Rs 4,407 crore. These figures highlight the consistent growth trend in GST collection, as it surpasses the record mark of Rs 1.6 lakh crore for the fourth consecutive time since the implementation of GST on July 1, 2017. This achievement has been met with enthusiasm by the country's finance ministry and is seen as a positive development by informed circles.
Breaking down the GST collection for June, the Central Goods and Services Tax accounted for Rs 31,013 crore, while the state GST collection amounted to Rs 38,292 crore. Furthermore, a total of Rs 39,035 crore in GST has been collected on imported goods. Additionally, cess collection in June stood at Rs 11,900 crore, including Rs 1,028 crore collected from imported goods.
April 2023 saw the highest GST collection since the implementation of the Goods and Services Tax in the country, reaching a staggering Rs 1.87 lakh crore. Impressively, monthly GST collections have consistently exceeded Rs 1.4 lakh crore for the past 16 months, according to monthly revenue data. This sustained performance is regarded as a positive aspect in the collection of goods and services tax, according to experts.
As the country marks the sixth anniversary of the GST implementation, the steady increase in GST collection brings attention to a growing concern among GST officials: tax evasion and fraud. The rise in GST collections has also seen an increase in fraudulent activities, particularly in claiming input tax credit. The Center has already incurred a loss of approximately Rs 3 lakh crore due to such fraudulent practices since the introduction of GST. Investigations into these matters have commenced, and GST department officials believe that curbing fraud will lead to further increases in tax collection.
While the consistent growth in GST collection is cause for celebration, addressing the issue of tax evasion and fraud remains crucial to ensure the integrity and efficiency of the GST system. With continued efforts to combat fraudulent activities, the finance ministry aims to sustain the upward trajectory of GST collections, promoting a healthier and more transparent tax ecosystem in the country.
New Delhi: The Goods and Services Tax (GST) collection in India has once again reached a new high, demonstrating a robust growth rate. According to the latest data released by the finance ministry, GST collections stood at Rs 1,61,497 crore in June, marking a significant 12% increase compared to the same period last year. This surge in revenue is a positive indicator of economic activity within the country.
The volume of financial transactions within India witnessed an impressive 18% growth rate in June, when compared to June 2022 on an annualized basis. This rise in transactional activity further reinforces the positive momentum of the economy.
Notably, May 2023 recorded a GST collection of Rs 1,57,090 crore, indicating a month-on-month increase of Rs 4,407 crore. These figures highlight the consistent growth trend in GST collection, as it surpasses the record mark of Rs 1.6 lakh crore for the fourth consecutive time since the implementation of GST on July 1, 2017. This achievement has been met with enthusiasm by the country's finance ministry and is seen as a positive development by informed circles.
Breaking down the GST collection for June, the Central Goods and Services Tax accounted for Rs 31,013 crore, while the state GST collection amounted to Rs 38,292 crore. Furthermore, a total of Rs 39,035 crore in GST has been collected on imported goods. Additionally, cess collection in June stood at Rs 11,900 crore, including Rs 1,028 crore collected from imported goods.
April 2023 saw the highest GST collection since the implementation of the Goods and Services Tax in the country, reaching a staggering Rs 1.87 lakh crore. Impressively, monthly GST collections have consistently exceeded Rs 1.4 lakh crore for the past 16 months, according to monthly revenue data. This sustained performance is regarded as a positive aspect in the collection of goods and services tax, according to experts.
As the country marks the sixth anniversary of the GST implementation, the steady increase in GST collection brings attention to a growing concern among GST officials: tax evasion and fraud. The rise in GST collections has also seen an increase in fraudulent activities, particularly in claiming input tax credit. The Center has already incurred a loss of approximately Rs 3 lakh crore due to such fraudulent practices since the introduction of GST. Investigations into these matters have commenced, and GST department officials believe that curbing fraud will lead to further increases in tax collection.
While the consistent growth in GST collection is cause for celebration, addressing the issue of tax evasion and fraud remains crucial to ensure the integrity and efficiency of the GST system. With continued efforts to combat fraudulent activities, the finance ministry aims to sustain the upward trajectory of GST collections, promoting a healthier and more transparent tax ecosystem in the country.
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