WFYI logo

India's Goods and Services Tax Collections for June 2024 Reach Significant Levels

GST collections for June 2024 reached approximately ₹1.74 lakh crore, indicating a 7.7% year-on-year growth. The average collections for the financial year from April to June 2024 hit a record ₹1.86 lakh crore. However, the Finance Ministry has ceased the monthly release of detailed GST collection data, a practice that spanned 74 months.

📖 2 min read read🏷️ GST Collections

The Goods and Services Tax (GST) collections for June 2024 are estimated at approximately ₹1.74 lakh crore, according to a media report published on July 1, 2024. This figure represents a 7.7% increase compared to collections from June 2023.

The average GST collections for the financial year, covering April to June 2024, have reached ₹1.86 lakh crore. This marks the highest average collection recorded since the introduction of GST in India.

However, it was also reported that the Finance Ministry will no longer release detailed monthly GST collection data on the first day of each month. This practice has been discontinued after 74 months, with no official reason provided for the change. Updates will be provided if the Press Information Bureau (PIB) publishes a detailed report.

For context, the gross GST revenue for May 2024 was ₹1.73 lakh crore.

Further Reading

Frequently Asked Questions

What is GST and how does it work in India?
GST, or Goods and Services Tax, is an indirect tax levied on the supply of goods and services in India. It replaced multiple cascading taxes, aiming to simplify the tax structure and create a unified national market. It operates on the principle of value addition, with tax paid at each stage and input tax credit available for tax paid on previous stages.
Who is required to register for GST in India?
Businesses with an annual turnover exceeding a specified threshold are generally required to register for GST. The threshold varies for goods and services and for different states, typically ₹40 lakh for goods and ₹20 lakh for services, with special category states having lower thresholds.
What are the different types of GST in India?
There are four main types of GST: Central GST (CGST) levied by the Central Government, State GST (SGST) levied by State Governments, Integrated GST (IGST) levied by the Central Government on inter-state supplies and imports, and Union Territory GST (UTGST) for Union Territories.
How can businesses file their GST returns?
Businesses can file their GST returns online through the GST portal. Various forms (e.g., GSTR-1 for outward supplies, GSTR-3B for summary return) must be filed periodically, typically monthly or quarterly, depending on the taxpayer's turnover and scheme.
What is the Input Tax Credit (ITC) mechanism under GST?
Input Tax Credit (ITC) allows businesses to claim credit for the GST paid on purchases of goods or services that are used for further business activities. This mechanism avoids the cascading effect of taxes, where tax is levied on tax at each stage of the supply chain.

Share Article

Browse by Topics

Related Articles

Popular Articles