GST Collections In June Likely At Rs 1.74 Lakh Crore

The gross Goods and Services Tax collections for the month of June, for transactions done in May, were likely recorded at Rs 1.74 lakh crore, according to a person with knowledge of the matter.

This is expected to bring up the total gross GST collections for the first three months in the current financial year up to Rs 5.57 lakh crore.

In the month of June, the Union government settled Rs 39,586 crore to CGST and Rs 33,548 crore to SGST from the net IGST collected, the above mentioned person said on the condition of anonymity.

The collections in June continue to maintain the momentum at Rs 1.74 lakh crore, as the May collections were recorded at Rs 1,72,739 crore. Annually, June collections represent an approximate 8% growth from the corresponding period last year, indicating a slowdown in the pace of collections seen.

According to another person with knowledge of the matter, the Finance Ministry may discontinue the practice of issuing a detailed monthly GST collections statement on the first day of every month. This comes at a time when the pace of monthly collections have dipped in June and further clarity on GST data is awaited.

(This is a developing story as the Ministry of Finance is yet to publish the June GST collection figures.)