GST collections rise 13.9% to Rs.1.95 trillion in June, as tax revenue from imports soar
New Delhi, July 1 -- The Centre and states together collected Rs.1.95 trillion in gross goods and services tax (GST) revenue in June before adjusting for refunds, marking a 13.9% year-on-year increase, according to data released by the finance ministry on Wednesday.
The growth was driven by a sharp rise in GST revenue from imports, which surged 34.6% year-on-year to Rs.60,038 crore, while domestic GST collections increased 6.5% to Rs.1.35 trillion. After adjusting for refunds, net GST revenue stood at Rs.1.62 trillion, up 11.2% from a year earlier.
GST refunds rose 29.1% during the month to Rs.32,436 crore, reflecting faster processing of claims.
The June collections suggest economic activity remained resilient despite global uncertain...
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