Gross and Net GST revenue collections for the month of June, 2024
The Goods and Services Tax (GST) revenue collections for June 2024 have been released, providing insights into the financial health and tax compliance across the country. This report presents a detailed analysis of the gross and net GST revenue collections, comparing them with the figures from June 2023 and evaluating the year-to-date growth.
Overview of GST Collections
The GST revenue collections are divided into two main categories: Domestic and Imports. These collections further break down into Central GST (CGST), State GST (SGST), Integrated GST (IGST), and Cess. The data highlights the total revenue collected and the refunds issued, giving a comprehensive view of the net collections.
Gross GST Revenue Collections
Domestic Collections (June 2024 vs. June 2023):
CGST: ₹32,627 crores (up from ₹31,013 crores)
SGST: ₹40,715 crores (up from ₹38,292 crores)
IGST: ₹47,270 crores (up from ₹41,256 crores)
Cess: ₹12,188 crores (up from ₹10,872 crores)
Total domestic revenue collections saw a 9.36% growth, from ₹1,21,434 crores in June 2023 to ₹1,32,800 crores in June 2024. Year-to-date (YTD) figures show a 12.71% growth, from ₹3,86,856 crores to ₹4,36,016 crores.
Import Collections (June 2024 vs. June 2023):
IGST: ₹40,040 crores (up from ₹39,035 crores)
Cess: ₹972 crores (down from ₹1,028 crores)
Total import revenue collections grew by 2.37%, from ₹40,063 crores to ₹41,012 crores. YTD figures increased by 1.72%, from ₹1,18,765 crores to ₹1,20,802 crores.
Net GST Revenue Collections
Domestic Net Revenue (after refunds):
CGST: ₹29,730 crores (up from ₹28,766 crores)
SGST: ₹37,020 crores (up from ₹35,558 crores)
IGST: ₹42,933 crores (up from ₹37,012 crores)
Cess: ₹11,945 crores (up from ₹10,722 crores)
Total net domestic revenue collections grew by 8.54%, from ₹1,12,058 crores to ₹1,21,628 crores. YTD figures show a 14.13% growth, from ₹3,52,213 crores to ₹4,01,995 crores.
Import Net Revenue (after refunds):
IGST: ₹31,437 crores (down from ₹31,783 crores)
Cess: ₹803 crores (down from ₹935 crores)
Total net import revenue collections decreased by 1.46%, from ₹32,718 crores to ₹32,239 crores. YTD figures show a decline of 5.98%, from ₹93,689 crores to ₹88,087 crores.
Conclusion
The GST revenue collections for June 2024 indicate a robust increase in both gross and net domestic collections, reflecting positive economic activity and improved tax compliance. However, a slight decline in net import revenues suggests a need to address challenges in import-related GST collections. Overall, the year-to-date growth in GST revenue highlights the effectiveness of the GST system in India, contributing significantly to the nation’s fiscal health.
For the complete detailed report, please visit the official GST revenue report for June 2024.
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Goods and Services TaxGovernment of India, States and Union Territories
