Team Blitz India
NEW DELHI: Collection from Goods & Services Tax (GST) in June touched Rs 1.74 lakh crore, registering around 8 per cent growth of June of last fiscal, official sources said. From now on, the Finance Ministry has discontinued releasing detailed GST collection data on day 1 of every month. This practice continued for 74 months. No reason has been given for discontinuing the release of monthly GST collection data.
Interestingly, the decision not to release monthly data coincided with the seventh anniversary of the new indirect tax system, which subsumed 17 taxes and 13 cesses of the Central and State Governments. Meanwhile, the Finance Ministry did come out with some data and statements through a series of social media posts to highlight achievements during the last seven years.
While June’s collection grew eight per cent year over year, it was flat month over month. May’s collection was Rs1.73 lakh crore. According to the latest figures, collection in the first three months has reached Rs5.57 lakh crore. Sources said that better compliance and consumption have improved collection.
Earlier in the day, in a social media post, the Finance Ministry said that with reduced tax rates on household goods after implementation, seven years of GST has brought “happiness and relief to every home” through lower GST on household appliances and mobile phones. The Theme of 7th GST Day is Sashakt Vyapar SamagraVikas (Empowered Trade, Overall Growth), the Ministry said.
