GST
June GST collection jumps 56 pc YoY to Rs 1,44,616 cr
New Delhi: India's GST collection in June jumped 56 percent on an annual basis to Rs 1.45 lakh crore compared to Rs 1.4 lakh crore in May, Finance Minister Nirmala Sitharaman said Friday.
The CGST collections stood at Rs 25,306 crore, SGST at Rs 32,406 crore and IGST at Rs 75887 crore (including Rs 40102 crore collected on import of goods).
The cess, including Rs 1197 crore collected on import of goods, stood at Rs 11,018 crore.
The GST collection in June 2022 is the second highest collection next to the month of April 2022 (with collection of Rs 1,67,540 crore), the Finance Ministry said in a press release.
Sitharaman said the recent increase in GST rates, effective from July 18, is meant to even out "inefficiencies" in the value chain.
The decision is intended to support states in managing their resources and making sure that their programmes, especially capital expenditures, are successfully implemented during the financial year.
The bigger reforms on GST slabs were put off for the time being as the GST council allowed the group of ministers (GoM) three months to give its recommendations.
Decision on taxing online gaming, casinos, and horse racing, was also not taken as the GoM that examining the issue has been allowed to make a final recommendation by July 15, after a representation from Goa on casinos.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
