GST COLLECTION FOR APRIL 2024: 2.10 LAKH CRORE; FIRST TIME IN HISTORY ABOVE 2 LAKH CRORE
All time high GST collection of ₹2.10 lakh crore was recorded for the month of April 2024, marking the first time in history that the collection has surpassed the 2 lakh crore mark. This record-breaking achievement highlights the strength of the GST system and its contribution to the Indian economy.
- Amount Collected: In April 2024, the Goods and Services Tax (GST) collections reached an unprecedented ₹2.10 lakh crore . This is the first time in history that the collection has crossed the ₹2 lakh crore mark in a single month.
- Year-on-Year Growth: The surge represents a 12.4% year-on-year growth compared to the same period last year. Despite the challenges posed by the pandemic, the Indian economy has shown resilience and recovery.
Factors Driving the Increase
- Domestic Transactions: The robust increase in domestic transactions played a significant role. With economic activities gradually resuming, businesses resumed operations, leading to higher tax collections.
- Imports: Imports also witnessed an 8.3% spike, contributing to the overall GST revenue. As international trade picked up, customs duties and integrated GST on imports contributed to the collection.
Implications and Significance
- Fiscal Health: The record-breaking collection indicates an improvement in India’s fiscal health. It reflects economic revival and consumer spending.
- Boost for Government Expenditure: Higher GST collections provide the government with more resources for public expenditure, including infrastructure development, healthcare, and social welfare programs.
- Compliance and Enforcement: The achievement underscores the importance of effective tax compliance and enforcement measures. It encourages businesses to adhere to GST regulations.
In conclusion, the ₹2.10 lakh crore GST collection in April 2024 is a significant milestone for India’s economy. It reflects resilience, recovery, and the collective efforts of taxpayers, businesses, and the government. As we move forward, sustaining this momentum will be crucial for economic growth and stability
