New Delhi, Jul 2 (KNN) India's Goods and Services Tax (GST) collections growth decelerated to a three-year low in June, according to unofficial sources.

Revenues increased by approximately 7.74 per cent year-over-year, reaching Rs 1.74 lakh crore compared to Rs 1,61,497 crore in the same period last year, reported businessline.

As of Monday evening, the Finance Ministry had not released its customary monthly statement detailing GST revenue collections.

Typically, this information, including state-wise collections and revenues from domestic transactions and imports, is published on the first day of each subsequent month.

The ministry did, however, commemorate the seventh anniversary of the GST regime on social media, highlighting its benefits such as reduced rates on household goods, equitable conditions for taxpayers, and a lighter compliance burden for small businesses.

June's GST revenues, reflecting May's economic transactions, grew at the slowest rate since June 2021, when revenues increased by only 2 per cent amid the second wave of the COVID-19 pandemic.

The current growth rate lags behind April and May 2024's figures of 12.4 per cent and 10 per cent, respectively. June's collections were merely 0.73 per cent higher than May's Rs 1,72,739 crore.

For the first quarter of the fiscal year, gross GST revenues totalled approximately Rs 5,57,006 crore, marking a 10.2 per cent increase from the Rs 5.05 lakh crore collected in the corresponding period last year.

The absence of an official statement has left net GST collections for June unknown. In previous months, the ministry had begun sharing these figures after accounting for refunds.

April saw a 15.5 per cent increase in net collections to Rs 1.92 lakh crore, while May's growth moderated to 6.9 per cent at Rs 1.44 lakh crore.

Economists, speaking anonymously, expressed concern about the lack of an official statement, noting that it could impede analysis of economic activity trends.

(KNN Bureau)