GST Revenue Collection For April 2024 Highest Ever At Rs 2.10 Lakh Crore

India's Gross Goods and Services Tax (GST) collections soared to a new record of Rs 2.10 lakh crore in April, marking a robust 12.4 per cent year-on-year increase, as per a statement from the Finance Ministry on Wednesday. This surge follows March's collection of Rs 1.78 lakh crore, with the previous highest collection standing at Rs 1.87 lakh crore in April 2023.

The growth was propelled by a 13.4% increase in domestic transactions and an 8.3% rise in imports, according to the ministry. After factoring in refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 17.1% growth compared to the same period last year.

Finance Ministry officials had earlier indicated to news agency Bloomberg in April that they anticipated the figure to exceed Rs 2 lakh crore in April.

Sanjay Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs, stated that revenue from GST, a consumption tax, was expected to surpass Rs 1.8 lakh crore on average per month in FY25. The average GST collection was Rs 1.68 lakh crore in FY24 and Rs 1.51 lakh crore in FY23.