On 5th birthday, GST June collection surges 56% to ₹1.44 lakh-crore
Last month’s collection was the second highest after April 2022; it also broke the trend of June being a low-collection month, said the Centre
The gross GST revenue collected in June 2022 is ₹1.44 lakh crore, of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75,887 crore (including ₹40,102 crore collected on import of goods) and cess is ₹11,018 crore (including ₹1,197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection of ₹1,67,540 crore, said a PIB release.
The Centre has settled ₹29,588 crore to CGST and ₹24,235 crore to SGST from IGST. In addition, it has also settled ₹27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month, said the release. The total revenue of the Centre and the states in June, after regular and adhoc settlement, is ₹68,394 crore for CGST and ₹70,141 crore for SGST.
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The revenues for June 2022 are 56 per cent higher than the GST revenues in the same month last year of ₹92,800 crore. Last month, revenues from import of goods were 55 per cent higher and the revenues from domestic transaction (including import of services) were 56 per cent higher year-on-year.
Four months in a row of record mop-up
This is the fifth time the monthly GST collection crossed the ₹1.40 lakh-crore mark since the inception of GST and fourth month at a stretch since March 2022. The collection in June 2022 is not only be the second highest but also has broken the trend of being a low-collection month as observed in the past.
The total number of e-way bills generated in May 2022 was 7.3 crore, 2 per cent less than 7.4 crore e-way bills generated in April 2022.
The average monthly gross GST collection for the first quarter of the FY 2022-23 has been ₹1.51 lakh-crore, against the average monthly collection of ₹1.10 lakh-crore in the first quarter of the last financial year, showing an increase of 37 per cent. Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST, said the PIB release. The gross cess collection in this month is the highest since introduction of GST.
