Gross Goods and Services Tax (GST) collections rose by 6.2 per cent year-on-year to Rs 1.84 lakh crore in June, according to government data released on Tuesday. In June 2024, collections had stood at Rs 1.73 lakh crore. However, the June figure marks a decline from ₹2.01 lakh crore collected in May and the all-time high of Rs 2.37 lakh crore recorded in April this year.

Breaking down the June data, gross revenue from domestic transactions rose 4.6 per cent to approximately Rs 1.38 lakh crore, while GST collections from imports increased by 11.4 per cent to Rs 45,690 crore. Component-wise, Central GST (CGST) amounted to Rs 34,558 crore, State GST (SGST) to Rs 43,268 crore, and Integrated GST (IGST) to around Rs 93,280 crore. Revenue from Cess stood at Rs 13,491 crore.

Meanwhile, total refunds issued in June surged 28.4 per cent to Rs 25,491 crore. As a result, net GST collections amounted to roughly Rs 1.59 lakh crore, reflecting a 3.3 per cent year-on-year growth.

As the Goods and Services Tax (GST) completes eight years since its rollout in July 2017, the government announced that collections have doubled over the past five years, reaching a record Rs 22.08 lakh crore in FY25. This marks a significant rise from Rs 11.37 lakh crore collected in FY21.

The FY25 collections also reflect a 9.4 per cent year-on-year increase compared to Rs 20.18 lakh crore in FY24, making it the highest-ever annual GST revenue since the introduction of the indirect tax regime.

Also Read: India’s Manufacturing PMI Hits 14-Month High As Export Demand Surges

PM On Eight Years Of GST

Meanwhile, Prime Minister Narendra Modi on Tuesday highlighted that eight years have passed since the introduction of the Goods and Services Tax (GST), describing it as a transformative reform that has significantly reshaped India’s economic framework. He noted that GST has reduced the compliance burden, thereby enhancing the Ease of Doing Business, especially for small and medium enterprises. In a statement shared on X, PM Modi said the reform has also become a strong driver of economic growth and exemplifies cooperative federalism by making states equal partners in unifying India’s market. Recalling its launch on July 1, 2017, the Prime Minister called GST “a path-breaking legislation for New India.”