GST completes 7 years with Rs 1.74 lakh cr monthly collection

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NEW DELHI: As the Goods and Services Tax (GST) completes seven years in June 2024, the gross monthly collection reached Rs 1.74 lakh crore, marking a 7.7% increase compared to the previous year, according to an official who didn’t want to be named. This brings the total collection for the current financial year to ₹5.57 lakh crore. It may be recalled that in April 2023, the gross GST collection had hit a record high of ₹2.10 lakh crore. 

Out of the total gross GST revenue collected in June, CGST accounted for ₹39,586 crore and SGST accounted for ₹33,548 crore, as per the source. 

Commenting on the collection, Pratik Jain, Partner, PwC India said, “While the growth in collection in June seems to be on a lower side compared to previous month, overall GST collections have shown an encouraging trend over last few months. Industry hopes that the trend will enable the GST council to reinitiate the rate rationalization excercise as indicated in the last council meeting.”

On Monday, the finance ministry stated that GST, which marked seven years of implementation, has brought joy and relief to every household by lowering taxes on household appliances and mobile phones.

“With reduced tax rates on household goods after GST implementation, 7 years of GST has brought happiness and relief to every home through lower GST on household appliances and mobile phones,” the ministry said on X.

The number of GST taxpayers grew to 1.46 crore in April 2024 from 1.05 crore in April 2018.

The Ministry added that compliance burden reduced for small taxpayers as taxpayers having annual aggregate turnover upto Rs. 2 crore are not required to file Annual Return (Form GSTR-9). 

“Upsurge in e-Way Bills generation indicates #Sustainable and robust economic growth in #7yearsofGST,” it stated. 

As per the ministry, the Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme has decreased the number of returns filed in a year from 24 to 8 for over 44 lakh small taxpayers. The Invoice Furnishing Facility (IFF) has facilitated smooth passage of Input Tax Credit (ITC).

The Ministry on X posted, “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.”

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