New Delhi : According to sources, India’s gross GST collection for June this year reached Rs 1.74 lakh crore, reflecting a notable 7.7% growth from the same month last year. This brings the total GST mop-up for the first three months of the current fiscal year to Rs 5.57 lakh crore. In April 2023, GST collection had peaked at a record high of Rs 1.87 lakh crore.
The consistent rise in GST collections underscores India’s robust economic growth and strong tax compliance. Celebrating seven years of GST implementation on Monday, the finance ministry highlighted the positive impact of the GST regime, particularly through reduced taxes on household appliances and mobile phones.
The theme for the 7th GST Day, “Sashakt Vyapar Samagra Vikas” (empowered trade overall growth), emphasizes the transformative role of GST in boosting trade and economic development.
“With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones,” the ministry affirmed.
Since April 2018, the GST taxpayer base has grown significantly, reaching 1.46 crore in April 2024. The GST Council’s initiatives include easing compliance for small taxpayers, including recommending the waiver of annual return filing requirements for those with turnover up to Rs 2 crore in fiscal 2023-24, further facilitating ease of doing business.
