India's GST collections hit ₹1.74 lakh crore in June 2024, slowest growth in 3 years

As India marks the 7th anniversary of the Goods and Services Tax (GST) regime, June 2024’s GST collections of ₹1.74 lakh crore show only a 7.7% growth, the slowest increase in three years. This follows slower growth rates of 12.4% and 10% in April and May 2024, with a high base effect from April’s record ₹2.10 lakh crore collections. For Q1 FY2024-25, gross GST revenues were ₹5.57 lakh crore, a 10.2% increase year-on-year. Analysts view the growth as a sign of strong domestic consumption. Saurabh Agarwal from EY India sees this as a foundation for upcoming GST reforms to address working capital issues and streamline tax rates.