GST Collections for June 2024

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In June 2024, India’s GST collections reached ₹1.74 lakh crore, marking a significant 7.7% increase compared to June 2023. This collection is the highest ever recorded since the introduction of GST. For the financial year so far (April-June 2024), the average GST collection stands at ₹1.86 lakh crore.

Key Points:

  • June 2024 Collection: ₹1.74 lakh crore
  • Year-on-Year Growth: 7.7%
  • Average Collection for April-June 2024: ₹1.86 lakh crore
  • Highest Collection Since GST Introduction

Recent Developments

The Ministry of Finance has decided to discontinue the practice of releasing detailed monthly GST collection data. This marks a change from the previous 74-month routine of issuing such detailed reports. The decision was reportedly influenced by public dissatisfaction over high GST collections, leading to concerns that the government was overtaxing citizens.

GST Revenue Breakdown

Although the detailed data for June 2024 is not fully available, approximate figures indicate:

  • Central GST (CGST) from IGST: ₹39,600 crore
  • State GST (SGST) from IGST: ₹33,548 crore

Collection Trends

Here’s a comparative look at GST collections for the last few months:

MonthGST Collection (₹ lakh crore)Year-on-Year Growth (%)
April 20242.112.4%
May 20241.7310%
June 20241.747.7%
  • April 2024: Record-high GST collection of ₹2.1 lakh crore.
  • May 2024: ₹1.73 lakh crore.
  • June 2024: ₹1.74 lakh crore.

Impact of Discontinued Data Releases

The decision to stop detailed monthly releases has sparked debate:

  • Public Perception: The government faced criticism for high GST collections, with accusations of overtaxing citizens.
  • Economic Analysis: Economists argue that the high GST collections are due to increased compliance and a broader tax base, rather than a higher tax rate.

Expert Opinions

Economists and tax experts suggest that while the public may misinterpret high GST collections as increased tax burdens, the growth reflects a robust economy and improved compliance. They also caution that discontinuing detailed data releases could hinder economic analysis and transparency.

GST Regime: 7th Anniversary

On the seventh anniversary of GST’s rollout, the Finance Ministry highlighted the system’s benefits:

  • Increased Taxpayer Base: Grew to 14.6 million in April 2024 from 10.5 million in April 2018.
  • Reduced Compliance Burden: Waiver of annual return filing for small taxpayers and fewer returns under the QRMP scheme.

June 2024’s GST collection reflects a strong economic performance, with collections continuing to exceed historical highs. Despite the government’s shift away from detailed monthly reports, the overall trend indicates a buoyant economy, driven by better compliance and a larger tax base.

Analysis of GST Collections for June 2023

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The Goods and Services Tax (GST) collections for June 2023 reached ₹1,61,497 crore, an increase from ₹1,57,090 crore in May 2023. This amount is the second-highest monthly GST collection ever, only behind April 2023. June 2023 marks the fourth time since GST’s inception that collections have exceeded ₹1.6 lakh crore.

Key Figures

  • Total GST Collected: ₹1,61,497 crore
  • Central GST (CGST): ₹31,013 crore
  • State GST (SGST): ₹38,292 crore
  • Integrated GST (IGST): ₹80,292 crore (including ₹39,035 crore from imports)
  • Cess Collections: ₹11,900 crore (including ₹1,028 crore from imports)

GST Collection Breakdown

The GST revenue is composed of CGST, SGST, IGST, and Cess, with detailed settlements as follows:

ComponentAmount (₹ crore)
CGST31,013
SGST38,292
IGST80,292
Cess11,900

Government Settlements

The central government settled ₹36,224 crore to CGST and ₹30,269 crore to SGST from the IGST collections in June 2023. After these settlements, the revenue split between the Centre and states was:

Revenue TypeAmount (₹ crore)
Central GST67,237
State GST68,561

Year-on-Year Growth

Compared to June 2022, the GST collections in June 2023 grew by 12%. For context, June 2022 collections were ₹1,44,616 crore. The year-on-year growth reflects a significant increase of 12% from the previous year’s collections.

Trends and Projections

June 2023 saw a rebound in GST collections following a dip in May 2023. The steady increase since April 2023 suggests an ongoing economic recovery. Notably, GST collections have exceeded ₹1.4 lakh crore for 16 consecutive months and ₹1.5 lakh crore seven times since GST’s introduction.

Monthly GST Collections Overview (₹ crore)

Month2021-222022-232023-24
April1,10,0001,51,0001,69,000
May1,10,0001,51,0001,69,000
June1,10,0001,51,0001,61,497

State-wise GST Collection Analysis

Among the states, Maharashtra led with the highest GST collection of ₹26,098 crore in June 2023, followed by Karnataka, Gujarat, Tamil Nadu, and Uttar Pradesh. Notably, Lakshadweep saw the most dramatic increase, with a staggering 3316% growth from June 2022.

State/UTJune 2022 (₹ crore)June 2023 (₹ crore)Growth (%)
Jammu and Kashmir371.83588.6858%
Maharashtra22,341.4026,098.7817%
Karnataka8,844.8811,193.2027%
Lakshadweep0.6421.863316%

SGST Settlements from IGST

The amount of SGST settled to various states from IGST in June 2023 shows significant variation, with Maharashtra, Uttar Pradesh, and Karnataka receiving the largest shares:

State/UTSGST Settled (₹ crore)
Maharashtra3,484.55
Uttar Pradesh3,236.11
Karnataka2,688.90
Total30,268.53

June 2023 witnessed a notable increase in GST collections, reflecting a strong economic performance and consistent recovery. With collections surpassing previous records and showing healthy year-on-year growth, the trend suggests a positive outlook for the fiscal year 2023-24.

The data provides a comprehensive view of GST performance across various states and sectors, underscoring the resilience and upward trajectory of the Indian economy.

Hollywood Star Will Ferrell Joins High-Profile Backers as Investor in Leeds United

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In a surprising move that has sent shockwaves through the football world, Hollywood actor Will Ferrell is set to become a co-owner of Leeds United Football Club, joining the ranks of high-profile backers of the US firm that acquired the club last summer.

Ferrell, best known for his roles in iconic films such as “Anchorman” and “Elf,” has purchased a “significant” minority shareholding in the San Francisco-based ownership group 49ers Enterprises, which acquired Leeds United from Andrea Radrizzani.

Joining the likes of Russell Crowe, golfer Jordan Spieth, and Olympian Michael Phelps, Ferrell’s investment signals his growing interest in football and his belief in the potential of Leeds United as a club.

Sources close to the negotiations have confirmed reports in The Sun newspaper, revealing that Ferrell views his investment in Leeds as a “serious opportunity.” With an estimated wealth of £127 million, Ferrell’s move into football ownership adds to his existing stake in Los Angeles FC.

While initially neutral in his support for English football clubs, Ferrell’s affection for Leeds United has grown significantly since his visit to England last season. His admiration for the passion and excitement of the English game has led him to choose Leeds as his latest investment venture.

The announcement of Ferrell’s involvement is expected to be made imminently, putting an end to speculation linking him to other clubs such as Wrexham. Ferrell’s stake in Leeds is rumored to exceed that of fellow investor Russell Crowe, and sources suggest that he is eager to contribute his expertise and resources to propel the club back to the Premier League.

In a statement provided by a source close to the negotiations, Ferrell’s intentions are clear: “He loves soccer and has been particularly impressed by the passion of the English game. His aim now is to see Leeds back where they belong – in the Premier League. As far as Will and the 49ers are concerned, this is a serious investment opportunity.”

As Leeds United gears up for the play-offs after narrowly missing out on automatic promotion, the news of Ferrell’s involvement adds a new dimension of excitement and anticipation to the club’s journey. Amidst the mixed fortunes experienced by celebrity-owned clubs in the Championship, Ferrell’s entry into football ownership promises to inject fresh energy and optimism into Leeds United’s future.

Michelle Obama’s Plezi Nutritional Beverage Firm Lands Investment From Actress Kristen Bell

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PLEZi Nutrition, the Public Benefit Company co-founded by former First Lady Michelle Obama, has taken a significant step forward in its mission to revolutionize children’s nutrition with its recent partnership announcement. This groundbreaking development sees the renowned actress and global advocate, Kristen Bell, joining forces with PLEZi Nutrition as an investor and brand partner.

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In a move that underscores the company’s commitment to promoting healthier choices for families, Kristen Bell’s involvement represents a pivotal moment for PLEZi Nutrition. As a mother of two, Bell’s dedication to empowering families with healthy habits aligns perfectly with PLEZi Nutrition’s vision. “We are so thrilled to welcome Kristen Bell to the PLEZi Nutrition team,” expressed former First Lady Michelle Obama. “She shares our deeply held vision of doing whatever we can to help parents raise a healthier generation of kids.”

plezi

This partnership not only brings together two influential figures but also signifies a significant stride towards addressing the pressing health issues facing children today. With an alarming rise in nutrition-related health concerns, including excessive sugar consumption among youth, PLEZi Nutrition aims to revolutionize the landscape of children’s beverages. Through its innovative products, PLEZi Nutrition offers healthier alternatives that prioritize taste, nutrition, and transparency.

At the heart of this partnership lies the introduction of PLEZi FiZZ, the latest addition to PLEZi Nutrition’s lineup of offerings. This carbonated fruit drink boasts an impressive 70% less sugar than leading soft drinks, with no added sugar and essential nutrients like fiber and vitamin C. Available in enticing flavors such as Cherry Limeade, Lemon Lime Squeeze, and Strawberry Lemonade, PLEZi FiZZ represents a refreshing choice for parents seeking healthier options for their children.

The launch of PLEZi FiZZ builds upon the success of PLEZi, the company’s inaugural product that has already garnered widespread acclaim for its reduced sugar content and nutritional value. With flavors ranging from Tropical Punch to Blueberry Blast, PLEZi has become a staple in households nationwide, offering a guilt-free indulgence for kids and peace of mind for parents.

Kristen Bell Paris

Beyond its commitment to product excellence, PLEZi Nutrition is dedicated to fostering a culture of education and transparency. Through its Kitchen Cabinet advisory group and educational platform, the company engages with parents and caregivers, providing valuable insights into children’s nutrition and health. Moreover, PLEZi Nutrition’s philanthropic endeavors, including its partnership with FoodCorps’ Nourishing Futures initiative, underscore its unwavering commitment to giving back to the community.

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In essence, the collaboration between Michelle Obama’s PLEZi Nutrition and Kristen Bell marks a significant milestone in the journey towards healthier children and families. By combining their shared vision and influence, they are poised to make a lasting impact on the health and well-being of future generations.