Gross GST collection surges 8% to Rs 1.74 lakh crore in June
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The gross Goods and Services Tax (GST) collection surged 8 per cent to Rs 1.74 lakh crore in June 2024 as compared to Rs 1.61 lakh crore mopped up in June 2023, reflecting a buoyant economy, with businesses demonstrating commendable self-compliance.
Further, the collection in June 2024 was also higher than the Rs 1.73 lakh crore collected in May 2024. The Integrated GST (IGST) worth Rs 39,586 crore was settled towards Central GST (CGST) and Rs 33,548 crore towards State GST (SGST).
Besides, the gross GST collection so far this fiscal (April-June) stood at Rs 5.57 lakh crore. The gross GST collection hit a record high in April 2024 at Rs 2.10 lakh crore, representing a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions and imports.
