GST COLLECTION FOR APRIL 24 SURGES TO RS 2.10 LAKH CR, POSTS 12.4% Y-0-Y GROWTH

The GST collection figures, notes Aditi Nayar, Chief Economist, ICRA, displays an impressive double-digit expansion and reflecting the collections for the previous month, which typically include year-end adjustments made by the taxpayers.

- NIVEDITA MUKHERJEE

Underscoring the robust health of the Indian economy, gross Goods and Services Tax (GST) collections hit a record high in April 2024 at 2.10 lakh crore, representing a significant 12.4 per cent year on-year growth. The surge was driven by a strong increase in domestic transactions which registered 13.4 per cent increase and imports which accounted for 8.3 per cent increase, the Finance Ministry said on Wednesday.

After accounting for refunds, the net GST revenue for April 2024 stands at 1.92 lakh crore, reflecting an impressive 15.5 per cent growth compared to the same period last year. "GST collection crosses 2 lakh crore benchmark," said Finance Minister Nirmala Sitharaman in a tweet, attributing the achievement to "the strong momentum in the economy and efficient tax collections. "Congratulations to the Central Board of Indirect Taxes & Customs, Department of Revenue, all officers at the state and central levels. Their sincere and collaborative efforts has achieved this landmark," Sitharaman said.