GST Collections Surge to 8% Higher at Rs 1.74 Lakh Crore in June 2024

The gross GST collection for June 2024 rose by 8% to Rs 1.74 lakh crore. The government has stopped issuing monthly GST data releases. The April-June fiscal GST haul reached Rs 5.57 lakh crore, reflecting a buoyant economy driven by business compliance and effective enforcement.

In a significant economic development, the gross GST collection for June 2024 witnessed an 8% increase, reaching Rs 1.74 lakh crore, according to reliable sources on Monday.

Despite the substantial hike, the government has ceased the official release of monthly GST collection data, marking a shift in its communication strategy.

From April to June this fiscal, the cumulative GST haul summed up to an impressive Rs 5.57 lakh crore, showcasing a dynamic economy bolstered by robust business compliance and stringent enforcement measures.

Further analysis indicates the Integrated GST (IGST) worth Rs 39,586 crore was allocated towards Central GST (CGST) and Rs 33,548 crore towards State GST (SGST).

April's GST mop-up had set a precedent with a record Rs 2.10 lakh crore.

Experts, including EY India Tax Partner Saurabh Agarwal, attribute this increase to a buoyant economy and commendable business self-compliance, noting the positive impact of timely audits and effective enforcement.

''The noticeable surge in collections raises expectations for forthcoming GST reforms aimed at mitigating working capital blockages, standardizing tax rates, relaxing ITC restrictions, and catering to sector-specific hurdles,'' added Agarwal.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)