GST collection crosses 1.40 lakh crore mark in June 2022
New Delhi : The gross GST collection for the month of June 2022 now stands at ₹144,616 crore of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75887 crore (including ₹40102 crore collected on import of goods) and cess is ₹11,018 crore (including ₹ 1197 crore collected on import of goods).
The net collection in June 2022 is the second highest since the GST inception. The highest collection of GST was ₹1,67,540 crore in April 2022.
According to an official release, the government has settled ₹29,588 crore to CGST and ₹24,235 crore to SGST from IGST. In addition, Centre 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. The total revenue of Centre and the States in the month of June 2022 after regular and adhoc settlement is ₹68,394 crore for CGST and ₹70,141 crore for the SGST.
In June 2022, the tax collected is 56 per cent higher than the amount collected in the same month last year.
It must be noted that this is the fifth time when the total collection of GST has crossed Rs 1.40 lakh crore mark since the inception. Meanwhile, the GST tax regime has completed five years.
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%. Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The gross cess collection in this month is the highest since introduction of GST.
