The Union Ministry of Finance has stopped releasing its monthly GST collection data, a move that has sparked widespread concern. Traditionally, the Ministry provided a comprehensive overview of GST collections on the first day of every month.
This change comes as the country marked the seventh anniversary of the Goods & Services Tax (GST) implementation on July 1. The most recent formal data release, detailing May’s GST collections, was published on June 1. For June, GST collections stood at ₹ 1.74 lakh crore, but this figure was shared informally with reporters rather than through an official press release. Moving forward, only the gross total collections amount will be released, according to sources.
No official reason has been provided for this abrupt change, which comes just weeks before the first budget of Prime Minister Narendra Modi’s third term. The move has raised concerns amidst rising prices and slowing consumption, leading to calls for tax relief on various services, including health insurance.
GST collections have shown significant growth over the years. The last official release on June 1 reported that gross GST collections in the first two months of the current financial year reached ₹ 3.83 lakh crore, reflecting an impressive 11.3% year-on-year growth. This increase was driven by a 14.2% rise in domestic transactions and a 1.4% increase in imports. After accounting for refunds, net GST revenue till May 2024 stood at ₹ 3.36 lakh crore, marking an 11.6% growth compared to the same period last year.
Previously, the detailed data releases included a breakdown of monthly collections for central GST, state GST, integrated GST, and cess collection data. The Ministry also shared key highlights of inter-governmental settlements, detailing total central and state revenue. Additionally, two charts were provided to explain trends in gross GST revenues with state-wise figures and comparisons to the previous year’s collections.
With the discontinuation of the monthly GST data release, state-wise GST data will only be available if individual states choose to disclose it. Former Chief Economic Adviser Arvind Subramanian recently raised concerns on social media, emphasising that the focus should be on revenues net of refunds, not just headline collections.
Unless this decision is revisited, future data releases will likely feature only headline figures, such as gross monthly and annual GST collections. Details of monthly IGST settlements between the Centre and states may still be disseminated, sources added.
