GST Collection Up 56% Year-on-Year at Over Rs 1.44 Lakh Crore in June 2022
Goods and Services Tax collection for the month of June 2022 came in at Rs 1.44 lakh crore, a 56 per cent rise from the same month last year. The previous month May, the GST collections surged to around Rs 1,41 crore, posting a year-on-year increase of 44 per cent.
New Delhi, July 1: Goods and Services Tax collection for the month of June 2022 came in at Rs 1.44 lakh crore, a 56 per cent rise from the same month last year. The previous month May, the GST collections surged to around Rs 1,41 crore, posting a year-on-year increase of 44 per cent.
It is important to note that the GST revenue collections crossed the Rs 1.5 lakh crore mark for the first time in the month of April at Rs 1.68 lakh crore. "Rs 1.40 lakh crore seems to be the rough bottom line. We're not going below that, we're only collecting more than that," said Union Finance Minister Nirmala Sitharaman. GST Collection Up 18% at Over Rs 1.33 Lakh Crore in February 2022.
Today marks the completion of the five year of GST regime. The government through the GST taxation system intended to bring in uniform taxes across the country, besides transparency, accountability, and simpler registration process.
"We mark #5YearsofGST, a major tax reform that furthered 'Ease of Doing Business' and fulfilled the vision of 'One Nation, One Tax.'," Prime Minister Narendra Modi posted on Twitter on the special occassion.
Goods and Services Tax was introduced in the country w.e.f. 1st July, 2017 and States were assured for compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
For providing compensation to States, Cess is being levied on certain goods and the amount of Cess collected is being credited to Compensation Fund. Compensation to States is being paid out of the Compensation Fund with effect from 1st July, 2017.
In the recently concluded GST Council meeting held in Chandigarh, several states have sought extension of the compensation at least for a few years, if not for 5 years. Any decision on it is yet to be taken.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)