GST collection in April marks a 12.4% increase compared to the same period last year when GST collections were Rs 1.87 lakh crore.
The previous record was set in April 2023 with collections at Rs 1.87 lakh crore.
New Delhi,UPDATED: May 1, 2024 12:27 IST
India's Gross Goods and Services Tax (GST) collections hit a record high in April, reaching Rs 2.10 lakh crore, as per the Finance Ministry's statement on Wednesday.
This marks a 12.4% increase compared to the same period last year when GST collections were Rs 1.87 lakh crore.
The previous record was set in April 2023 with collections at Rs 1.87 lakh crore.
The growth in GST collections was mainly driven by a 13.4% increase in domestic transactions and an 8.3% rise in imports, according to the ministry.
After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, showing a 17.1% growth compared to the same period last year, as stated in the press release.
Finance Ministry officials had previously mentioned to Bloomberg in April that they anticipated GST collections to surpass the Rs 2 lakh crore mark for April.
The average GST collection in the financial year 2023-24 was Rs 1.68 lakh crore, which was higher than the Rs 1.51 lakh crore collected in the financial year 2022-23.
Published On:
May 1, 2024
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