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Finance Ministry further assured that no pending dues remain, consolidating financial stability and streamlining revenue distribution...
Digital Desk: India's Gross Goods and Services Tax (GST) collections reached an unprecedented high of Rs 2.10 lakh crore in April 2024, marking a substantial growth of 12.4% compared to the same period last year, according to a statement by the Finance Ministry. This surge follows March's collection of Rs 1.78 lakh crore, underscoring a robust upward trajectory.
The notable growth was propelled by a 13.4% increase in domestic transactions and an 8.3% rise in imports, as highlighted by the ministry. After factoring in refunds, the net GST revenue for April 2024 stands impressively at Rs 1.92 lakh crore, reflecting a remarkable 17.1% growth from the previous year.
In anticipation of surpassing the Rs 2 lakh crore milestone, Finance Ministry officials had expressed optimism earlier in April. Sanjay Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs, projected that GST revenue could average Rs 1.8 lakh crore per month in FY25.
The IGST settlement, amounting to Rs 91,907 crore, signifies a significant stride, with Finance Minister Nirmala Sitharaman confirming the clearance of dues to both the Centre and states. She further assured that no pending dues remain, consolidating financial stability and streamlining revenue distribution.
With average GST collections steadily rising over the fiscal years, the April 2024 record not only signals economic resilience but also underscores India's commitment to fiscal reform and revenue augmentation strategies.
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