June GST collection at Rs 1.44 lakh crore; 2nd highest since implementation

The gross Goods and Service Tax (GST) revenue collected in the month of June 2022 is Rs 144,616 crore, a Finance Ministry press released on Friday said. 

Out of total GST collected during June, CGST stood at Rs 25,306 crore, SGST at Rs 32,406 crore, and the IGST at  Rs 75887 crore (including Rs 40102 crore collected on import of goods) and cess is Rs 11,018 crore (including Rs 1197 crore collected on import of goods)," this release said.  

The gross GST collection in June 2022 is the second highest collection till now. India reported GST collections of Rs 1.68 lakh crore in April this year which is the highest till date.

Since its inception, GST collection has surpassed 1.40 lakh crore for the 5th time and for the 4th time at a stretch since March 2022. 

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The press release also added that, "The revenues for the month of June 2022 are 56% higher than the GST revenues in the same month last year of Rs 92,800 crore." 

During the month, revenues from import of goods was 55% higher and the revenues from domestic transaction (including import of services) are 56% higher than the revenues from these sources during the same month last year.

In an interesting factoid, the press release said that "The collection in June’2022 is not only the second highest but also has broken the trend of being low collection month as observed in the past."

Year-on-year, the average monthly gross GST collection for the first quarter of the FY 2022-23 has been ₹1.51 lakh crore against the average monthly collection of ₹1.10 lakh crore in the first quarter of the last Financial year, added the press release. 

Finally, it must be noted that during June, the revenues from import of goods stood 55% higher and the revenues from domestic transaction (including import of services) were 56% higher than the revenues from these sources during the same month last year.