India’s gross GST collections soared to a historic high, surpassing the monumental milestone of Rs 2 lakh crore. The collections witnessed a remarkable year-on-year growth of 12.4 percent, reaching Rs 2.10 lakh crore in April 2024. According to the finance ministry, this surge was propelled by a robust increase in both domestic transactions, up by 13.4 percent, and imports, up by 8.3 percent.
After factoring in refunds, the net GST revenue for April 2024 stands impressively at Rs 1.92 lakh crore, showcasing a substantial 17.1 percent growth compared to the corresponding period last year. Specifically, the Central Goods and Services Tax (CGST) amounted to Rs 43,846 crore, the State Goods and Services Tax (SGST) totaled Rs 53,538 crore, and the Integrated Goods and Services Tax (IGST) reached Rs 99,623 crore, which also includes Rs 37,826 crore collected on imported goods. Additionally, the cess, including Rs 1,008 crore collected on imported goods, stood at Rs 13,260 crore.
This monumental achievement in GST collections reflects India’s robust economic performance and growing tax compliance. The significant increase underscores the resilience and strength of the Indian economy amidst various global and domestic challenges.
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