The total GST collection in June stood at ₹95,610 crore, the Finance Ministry said on Sunday. The number is slightly higher than the ₹94,016 crore mopped-up in May, but lower than the ₹1.03-lakh crore collected in April. It is is also greater than the monthly average collection of ₹89,885 crore of the last fiscal.
Interim Finance Minister Piyush Goyal expressed hope that monthly average collection would touch the ₹1.10-lakh crore mark as against previous target of ₹1-lakh crore.
Expressing satisfaction over the June number, Goyal said, “We all know that April-May-June are lean months. In the earlier indirect tax regime, 7.1 per cent indirect tax used to get collected in April-June. So a collection of ₹94,000 crore is music to my ears. I feel more than ₹13-lakh crore revenue will come from GST this fiscal.”
The latest GST figure comprises ₹15,968 crore of Central GST, ₹22,021 crore of State GST, and ₹49,498 crore (including ₹24,493 crore collected on imports) of Integrated GST. The total also includes a cess amounting to ₹8,122 crore.
A total of 64.69 lakh GSTR 3B returns for the month of May were filed till June 30. In June, additional provisional settlement has been done and ₹50,000 crore has been settled between the Centre and the States. This is in addition to the earlier provisional settlement of ₹35,000 crore in February.
According to Finance Secretary Hasmukh Adhia, the June collections testified that the GST had settled in well. He also sought the cooperation of trade and industry to kill the culture of accepting bogus bills. “The tax reform has hardly had any adverse impact on inflation and revenue collection, and the GST has stabilised within a short period of one year. Strong political will and crystal clear directives, constructive discussions, cooperative and collaborative decision making in the GST Council is a huge achievement, we must acknowledge that,” he said while addressing the GST Day celebrations here.