In a significant economic milestone, India’s Gross GST revenue surged to an unprecedented ₹2.10 lakh crore in April, marking a substantial 12.4% increase compared to the previous year. The Finance Ministry disclosed this remarkable achievement, attributing the surge to a robust 13.4% growth in domestic transactions and an 8.3% uptick in imports.
March witnessed GST collections amounting to ₹1.78 lakh crore, making April’s achievement even more noteworthy. The previous record stood at ₹1.87 lakh crore in April 2023, emphasising the substantial growth achieved this year.
After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year,’ the ministry stated, highlighting the substantial net revenue accrued despite refunds.
Anticipation had been building for this milestone, with Finance Ministry officials expressing confidence in April that the figure would surpass the ₹2 lakh crore mark. Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes and Customs, projected that GST revenue, a consumption tax, would average over ₹1.8 lakh crore per month in the fiscal year 2025, showcasing sustained growth in the tax regime.
The figures for the fiscal years 2023 and 2024 underscore the trajectory of GST collections, with averages of ₹1.51 lakh crore and ₹1.68 lakh crore, respectively, demonstrating a consistent upward trend.
Finance Minister Nirmala Sitharaman hailed the settlement of Integrated Goods and Services Tax (IGST), announcing the clearance of ₹50,307 crore to the Centre and ₹41,600 crore to states. This IGST settlement, totaling ₹91,907 crore, surpassed actual net IGST collections, ensuring that no dues remain pending for states.
The remarkable surge in GST collections not only signals economic resilience but also underscores the efficacy of fiscal policies in driving growth and stability. With sustained efforts and prudent management, India’s fiscal landscape continues to chart an upward trajectory, buoyed by robust tax revenues and prudent fiscal governance.
The notable achievement of India’s GST revenue reaching ₹2.10 lakh crore in April marks a significant economic milestone, showcasing a robust 12.4% year-on-year increase. This surge is attributed to strong growth in domestic transactions and imports, reflecting a buoyant economic landscape.
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