NEW DELHI: 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, GST collections surged to around Rs 1.41 lakh 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.
Today marks the completion of the five year of the 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 with effect from July 1, 2017 and states were assured of 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 collected is being credited to the Compensation Fund. Compensation to states is being paid out of the Compensation Fund with effect from July 1, 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 five years. No decision has been taken on it yet. (ANI)