As per a credible source, India collected Rs 1.74 trillion in total GST in June, witnessing an upsurge of 7.7% over the previous year. This brings the current fiscal year's total mop-up to Rs 5.57 trillion. Furthermore, GST revenue hit a record-breaking high of Rs 1.87 trillion in April 2023. The most recent data is released in India around the seventh anniversary of GST. A significant turning point in the history of Indian taxes was the implementation of the GST. The adoption of an all-inclusive system was particularly notable in a federal nation with a varied population like India, where several tax laws were merged into one system.
According to the source, CGST and SGST together accounted for 39,586 crore and 33,548 crore of the overall GST income that was collected in June. The finance ministry said on Monday that the Goods and Services Tax (GST), which will have been in effect for seven years starting on Monday, has provided comfort and happiness to every household by lowering levies on mobile phones and appliances.
Sashakt Vyapar Samagra Vikas (empowered trade general growth) is the theme of the seventh GST Day. "#7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones," the ministry stated in a post on X. "With reduced tax rates on household goods after GST implementation."
From 1.05 crore in April 2018 to 1.46 crore in April 2024, the GST taxpayer base grew. Small taxpayers now have less of a compliance burden, and the GST Council has suggested exempting taxpayers with yearly sales of up to Rs 2 crore from making an annual report in the fiscal year 2023–2024.
More than 44 lakh small taxpayers now file eight returns annually instead of the required twenty-four under the quarterly return filing and monthly payment of taxes (QRMP) system. The ministry further stated that the Invoice Furnishing Facility (IFF) guaranteed the smooth flow of Input Tax Credit (ITC).
