GST COLLECTIONS HIT ALL-TIME HIGH OF RS 2.10 LAKH CRORE IN APRIL 2024
The latest figures on Goods and Services Tax (GST) collections for April 2024 are nothing short of impressive. Surging to a record high of Rs 2.10 lakh crore, this marks a notable 12.4% growth compared to the same period last year. What's particularly encouraging is the robust rise in both domestic transactions, up by 13.4%, and imports, which saw an 8.3% uptick. After factoring in refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, showcasing a remarkable 17.1% growth compared to the corresponding period in the previous year. These figures reflect a strong performance in economic activity and indicate a positive trajectory for India's fiscal health.
The Ministry of Finance's release underscores the resilience and adaptability of the Indian economy, particularly amidst challenging global and domestic conditions. This robust GST collection is a testament to the government's efforts to streamline tax administration and promote compliance, ultimately fostering a conducive environment for business growth and investment.
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