April's GST collection hits record high of Rs. 2.10 Lakh Crore.

Summary:

India's GST collections hit a record high of Rs 2.10 lakh crore in April, up 12.4% from last year. The growth was driven by a 13.4% increase in domestic transactions and an 8.3% rise in imports. After refunds, net GST revenue for April 2024 was Rs 1.92 lakh crore, marking a 17.1% growth. Finance Ministry officials anticipated crossing the Rs 2 lakh mark. Sanjay Kumar Agarwal projected an average monthly revenue of over Rs 1.8 lakh crore in FY25. FY24 averaged Rs 1.68 lakh crore, surpassing FY23's Rs 1.51 lakh crore.

The Finance Ministry announced that India's Gross Goods and Services Tax (GST) collections soared to a record high of Rs 2.10 lakh crore in April, marking a robust 12.4% increase compared to the previous year. This substantial growth follows March's collection of Rs 1.78 lakh crore. Notably, the previous peak GST collection was Rs 1.87 lakh crore in April 2023.

The Finance Ministry attributed the growth to a 13.4% increase in domestic transactions and an 8.3% rise in imports.

The press release stated that after factoring in refunds, the net GST revenue for April 2024 amounted to Rs 1.92 lakh crore, showcasing a notable 17.1% growth compared to the corresponding period in the previous year.

Finance Ministry officials had expressed to news agency Bloomberg earlier in April their anticipation that the figure would surpass the Rs 2 lakh mark in April.

Sanjay Kumar Agarwal, the chairman of the Central Board of Indirect Taxes and Customs, projected that the revenue from GST, a consumption tax, would average over Rs 1.8 lakh crore per month in FY25.

In FY24, the average GST collection stood at Rs 1.68 lakh crore, compared to Rs 1.51 lakh crore in FY23.

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Source - https://economictimes.indiatimes.com/news/economy/indicators/gst-revenue-collection-hits-record-high-of-rs-2-10-lakh-cr-in-april/articleshow/109748102.cms?from=mdr