India's gross GST collection reached Rs 1.74 trillion in June, marking a 7.7 per cent year-on-year growth. This brings the total collection for the current fiscal year to Rs 5.57 trillion, as per a finance ministry official.
India's gross GST collection soared to Rs 1.74 trillion in June, marking a 7.7 per cent year-on-year increase
India's gross GST collection reached Rs 1.74 trillion in June, marking a 7.7 per cent year-on-year growth. This brings the total collection for the current fiscal year to Rs 5.57 trillion, as per a finance ministry official.
The current GST growth figure is notably lower than last month, when total collections stood at Rs 1.73 lakh crore, marking a robust 10 per cent year-on-year growth.
The recent data comes at a time when the finance ministry is celebrating the 7th anniversary of GST.
GST had replaced nearly 17 local taxes and cesses. It was launched on July 1, 2017. The 7th GST Day's theme is "Sashakt Vyapar Samagra Vikas," focusing on empowering trade for growth.
"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 said in a social media post.
The Finance Ministry stated that the compliance burden for small taxpayers has been eased. The GST Council has proposed to exempt taxpayers with annual turnover up to Rs 2 crore from filing annual returns in fiscal year 2023-24.
The ministry also added that mobile phones, TVs (up to 32 inches), refrigerators, washing machines electrical appliances (other than air conditioners), geysers and fans which earlier used to attract 31.3 per cent taxes, are now at 18 per cent.