The Goods and Services Tax (GST) revenue collections in June 2022 was up 56 per cent year-on-year (YoY) to over Rs 1.44 lakh crore, Union Finance Minister Nirmala Sitharaman announced on Friday.
The gross GST collections in June is the second-highest, next to the April 2022 collections of Rs 1.68 lakh crore.
The finance minister said that Rs 1.40 lakh crore is the rough bottom line for the month of June. “Our monthly GST collections are not going below that,” she said on the occasion of GST Day in New Delhi.
“The gross GST revenue collected in the month of June 2022 is Rs 144,616 crore of which CGST is Rs 25,306 crore, SGST is Rs 32,406 crore, IGST is Rs 75,887 crore (including Rs 40,102 crore collected on import of goods) and cess is Rs 11,018 crore (including Rs 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 Rs 1,67,540 crore," the official statement said.
India is celebrating its fifth anniversary of GST Day on 1 July to mark the implementation of the new tax regime brought in place in 2017.
In the two-day 47th GST Council meeting recently concluded in Chandigarh, the GST on numerous items were also revised during the meeting.
Meanwhile, in another development, India's manufacturing sector activity eased to a nine-month low in June.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) fell to 53.9 in June from 54.6 in May, the weakest pace of growth since last September due to rising inflation.