For many years, the Union Finance Ministry has been following the practice of officially publishing GST tax collection data on the first day of every month, which is an indicator of the growth of the Indian business market.
In this situation, the Central Finance Ministry did not publish the data for June until the evening. In this situation, while inquiring about the matter with the Finance Ministry, we got information that the custom of publishing the monthly GST tax collection measurement may be suspended.
At the same time, it has been reported that the format of the GST collection measurement report with detailed information as previously published may be changed and a new format with summary information may be introduced.
The country’s total GST collection rose to Rs 1.74 lakh crore in June. This is higher than the Rs 1.73 lakh crore collected in May 2024. Also, it is 8 percent higher than the Rs 1.61 lakh crore collected in June 2023. However, the central government has not yet released the official tax collection report.
The finance ministry is proposing the change to bring “clarity” in the release of GST tax collections. As a result, a summary report on monthly GST tax collections is said to be released.
India’s former Chief Economic Adviser Arvind Subramanian had criticized the release of GST tax figures on social media. Arvind Subramanian had said that instead of boasting about total tax collections, the focus should be on revenue after deducting refunds.
According to reports, the new revised GST tax form being prepared by the finance ministry may contain only the main information of total tax collection, central GST and state GST tax collection. However, no final decision has yet been taken regarding the publication of the summary report.
