GST collection in June scales up at Rs 1.44 lakh cr: Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman announced on Friday that the Goods and Services Tax (GST) revenue collected in June 2022 increased by 56 percent year-on-year to over Rs 1.44 lakh crore.

Following April 2022's collection of Rs 1.68 lakh crore, the gross GST collection in June was the second-highest collection.

The finance Minister further said stated that the estimated bottom line for the month of June is Rs. 1.40 lakh crore. On the occasion of GST Day today in New Delhi, she said this. "Our monthly GST collections are not going below that" she said.

On July 1, India honours the fifth anniversary of the introduction of the Goods and Services Tax (GST) to commemorate the start of the new tax system in 2017. One Nation, One Market, One Tax was the concept behind the introduction of the GST. A number of domestic indirect taxes are consolidated under one umbrella under this indirect consumption-based tax structure. It was introduced to stop taxes from cascading, boost competition, make manufacturing and exporting easier, and bring uniformity to tax rates.

 

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