GST Collections Surge by 13.9% in June, Reaching ₹1.94 Lakh Crore
Significant Growth in GST Collections
Photo: IANS
New Delhi, July 1: The Goods and Services Tax (GST) collections experienced a notable increase of 13.9% year-on-year, totaling ₹1.94 lakh crore in June, as reported by official statistics released on Wednesday.
In June, the gross GST revenue reached ₹1,94,812 crore, a rise from ₹1,71,105 crore recorded in the same month last year.
This growth was primarily fueled by a remarkable 34.6% increase in GST revenue from imports, amounting to ₹60,038 crore, while the domestic GST revenue saw a 6.5% rise to ₹1,34,774 crore during the month.
After accounting for refunds, net GST collections rose by 11.2% year-on-year, reaching ₹1,62,377 crore in June, compared to ₹1,45,984 crore a year earlier.
During this month, total GST refunds surged nearly 30% to ₹32,436 crore, up from ₹25,121 crore in June of the previous year. Domestic refunds increased by 42.9% to ₹17,767 crore, while refunds on exports via ICEGATE rose by 15.6% to ₹14,669 crore.
The data indicates that net domestic GST revenue grew by 2.6% to ₹1,17,007 crore, and net customs GST revenue saw a significant jump of 42.2% to ₹45,370 crore, highlighting strong tax collections related to imports.
On a cumulative basis, gross GST collections for the April-June quarter of the current financial year rose by 8.4% to ₹6,31,699 crore, compared to ₹5,82,542 crore during the same period last year.
Additionally, net GST revenue for the first three months of FY27 increased by 7.1% year-on-year to ₹5,40,218 crore, while total refunds during this period rose by 16.8% to ₹91,482 crore.
In May, gross GST collections had already shown an increase of over 3% year-on-year, with revenue standing at ₹1,94,184 crore, compared to ₹1,88,172 crore in the same month last year.