GST collection surges by 56% YoY to Rs 1,44,616 crore in June

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The Goods and Services Tax (GST) revenue for the month of June surged by 56% on an annual basis to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May, revealed finance minister Nirmala Sitharaman on Friday.

“Our monthly GST collections are not going below that,” she added.

The GST council had recently announced an increase in rates to address inverted duty structures and withdrawing some exemptions effective from July 18.

Sitharaman said any increase in GST rates is intended to make up for “inefficiencies” in the value chain.

The decision was made to support states in managing their resources and ensuring that their programmes, particularly capital expenditures, are successfully implemented during the fiscal year.

The wider reform of the GST slabs has been put off as the council gave the group of ministers (GoM) on rate rationalisation another three months to give its recommendations.

There was no decision on the taxation of online gaming, casinos, and horse racing, as the GoM that reviewed the issue has been asked to make a final recommendation by July 15, following a representation from Goa on casinos.

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CA Ayush Poddar

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