GST revenue collection hits record high of Rs. 2.10 lakh crore in April

India's Gross Goods and Services Tax (GST) collections hit a record high of Rs. 2.10 lakh crore in April, growing 12.4 per cent on year-on-year basis, the Finance Ministry said in a statement on Wednesday.

GST collection in March stood at Rs. 1.78 lakh crore. Previously, the highest-ever GST collection figure stood at Rs. 1.87 lakh crore in April 2023.

The growth was driven by a 13.4 per cent growth in domestic transaction and 8.3 per cent growth in imports, the ministry said.

"After accounting for refunds, the net GST revenue for April 2024 stands at Rs. 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year," the press release read.

Finance Ministry officials in an interview to news agency Bloomberg earlier in April said that they expected the figure to cross the Rs. 2 lakh mark in April.

Sanjay Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs, said that revenue from GST, a consumption tax, was expected to top Rs. 1.8 lakh crore on an average per month in FY25.

Average GST collection in FY24 was Rs. 1.68 lakh crore while it was Rs. 1.51 lakh crore in FY23.

An IGST amount of Rs. 50,307 crore to Centre and Rs. 41,600 crore to states has been cleared. This IGST settlement of Rs. 91,907 crore is Rs. 4,413 crore more than the actual net IGST collections of Rs. 87,494 crore and stands settled by the Central Government, Finance Minister Nirmala Sitharaman said in a post on X.

There are no dues pending on account of IGST settlement to the states, she added.

www.economictimes.indiatimes.com dt. 02.05.2024