June GST Collections estimated at Rs.1.37-1.39 Lakh Cr; Finance Ministry expects Improvement in Collection

The Government will release the Goods and Services Tax (GST) Collection numbers for the month of June on Friday, The numbers are likely to compare months to months basis.

The Ministry of Finance has voiced optimism about an improvement in monthly collections.

According to sources, the GST collection will probably be between Rs.1.37 and 1.39 lakh crore.

As per a source, the base for GST collection this year will probably be close to 1.35 lakh crore, with monthly GST collection projections of close to 1.35 lakh. The predicted 1.35 lakh crore GST base this year will probably surpass the 1 lakh crore GST base from the previous year.

The finance ministry is anticipating a rise in the monthly GST collection and the quarterly collections are spectacular because the filing of returns is computed on a quarterly basis, a source stated.

The Goods and Services Tax (GST), the largest tax reform in India, ends its half-decade journey on June 30. The GST also brought about a paradigm shift in the use of technology to promote tax compliance and made the collection of more than Rs.1 lakh crore in revenue every month into the “new normal.”