India's gross GST collection up 7.7% to Rs 1.74 trillion in June

In June 2024, India’s gross GST collection reached ₹1.74 trillion, marking a 7.7% year-on-year growth, according to Business Standard. This growth rate is lower than the 12.4% and 10% increases in April and May, respectively. The total GST revenue for the financial year to date is ₹5.57 trillion. Despite the slower growth, officials expect the upward trend to continue, with future collections likely to exceed ₹1.6 trillion. This data release coincides with the seventh anniversary of the GST regime, which has successfully expanded the taxpayer base to 14.6 million and reduced compliance burdens for small businesses through reforms like the QRMP scheme.