In a milestone achievement, the Gross Goods and Services Tax collections hit a record high of Rs 2.10 lakh crore in April. As per a statement released by the Finance Ministry, this marks a 12.4% year-on-year growth. The previous highest ever GST collection was made in April 2023, with the figure at Rs 1.87 lakh crore
The GST collection stood at Rs 1.78 lakh crore in March. As per the Finance Ministry, the growth was driven by a 13.4% growth in domestic transaction and 8.3% growth in imports. After accounting for refunds, the net GST collection for April 2024 stood at Rs 1.92 lakh crore marking a 17.1% growth compared to the same period last year.
"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.
Meanwhile, as per Chairman of Central Board of Indirect Taxes and Customs Sanjay Kumar Agarwal, the revenue from GST which is a consumption tax is expected to top Rs 1.8 lakh crore on an average per month in FY25.
The average GST collection in FY24 was Rs 1.68 lakh crore while in FY23 it stood at Rs 1.51 lakh crore.
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