India’s GST collections rose 56%, at their fastest pace in over a year, to nearly £14.5 billion in June, marking the 12th consecutive month of over £10 billion collections.
The £14.46 billion collected in June, based on transactions in May, was the second highest monthly generation since the new tax regime kicked in five years ago. June was the fourth straight month of collections topping £14 billion.
“The trend that was being talked about, we are now reversing that and showing that the GST revenues remain above £14 billion. So, £14 billion is the rough bottom line, we are not going below that. We will remain above that,” finance minister Nirmala Sitharaman said at the GST Day celebrations.
The government is hoping for further improvement in the coming months. “The average monthly gross GST collection for the first quarter of 2022-23 has been £15.1 billion against the average monthly collection of £11 billion in the first quarter of the last fiscal, showing an increase of 37%. Coupled with economic recovery, anti-evasion activities, especially action against fake billers, have been contributing to the enhanced GST. The gross cess collection in this month is the highest since introduction of GST,” the finance ministry said.