India’s goods and services tax receipts rise 12% y/y in June

By Shivangi Acharya

NEW DELHI (Reuters) – India’s goods and services tax (GST) collections rose nearly 12% year-on-year to 1.61 trillion rupees ($19.61 billion) in June, a government statement showed on Saturday.

The government collected 1.45 trillion rupees as GST in June 2022 and a record 1.87 trillion rupees in April 2023.

It expects to garner 9.56 trillion rupees through GST in the current fiscal year that ends in March 2024.

The western state of Maharashtra clocked a 17% year-on-year growth in tax receipts to 260.99 billion rupees in June – the highest for any state – while the southern states of Karnataka and Tamil Nadu recorded increases of 27% and 20%, respectively.

The monthly GST collected has topped the 1.5 trillion rupees-mark for the seventh time since the new tax regime was introduced in 2017.

India’s nominal growth is estimated to be 10.5% in the current fiscal year.

($1 = 82.0910 Indian rupees)

(Reporting by Shivangi Acharya; Editing by Simon Cameron-Moore)