What Led to the Record GST Collections of Rs 2.37 Lakh Crore in April?
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Synopsis
In April, India's GST collections reached an all-time high of Rs 2.37 lakh crore, showcasing a significant 12.6% year-on-year growth. This surge is fueled by increased economic activities and improved compliance, highlighting the resilience of the Indian economy. Discover the factors driving this remarkable achievement and the implications for the future.
Key Takeaways
- Record GST collections reached Rs 2.37 lakh crore in April.
- 12.6% year-on-year growth from April 2023.
- Strong performance in domestic transactions and imports.
- Refund issuance rose by 48.3% in April.
- Top contributing states include Maharashtra and Karnataka.
New Delhi, May 1 (NationPress) The Goods and Services Tax (GST) collections in India skyrocketed to an unprecedented Rs 2.37 lakh crore in April, marking a 12.6% growth from Rs 2.10 lakh crore during the same month last year, as per official data released on Thursday.
This remarkable increase in GST collections can be attributed to a surge in economic activities and improved compliance, according to a senior government official.
The April revenue stood at Rs 2.10 lakh crore, which is the second-highest collection since the implementation of the new tax system on July 1, 2017.
Collections from domestic transactions rose by 10.7% to Rs 1.9 lakh crore, while revenue from imports increased by 20.8% to Rs 46,913 crore.
During April, refunds issued grew by 48.3% to Rs 27,341 crore.
In March, GST collections had risen by 9.9% to Rs 1.96 lakh crore compared to the same month the previous year, reflecting the robust economic activity and enhanced compliance.
On a sequential basis, collections were up by 6.8% compared to the Rs 1.84 lakh crore recorded in February.
The gross GST revenue for March included Rs 38,100 crore from Central GST, Rs 49,900 crore from State GST, Rs 95,900 crore from Integrated GST, and Rs 12,300 crore from compensation cess.
In February, collections were noted at Rs 35,204 crore for Central GST, Rs 43,704 crore for State GST, Rs 90,870 crore for Integrated GST, and Rs 13,868 crore for compensation cess.
The top five contributors to GST collections in March were Maharashtra, Karnataka, Gujarat, Tamil Nadu, and Uttar Pradesh.
Maharashtra contributed Rs 31,534 crore in March, reflecting a 14% year-on-year increase. Karnataka collected Rs 13,497 crore, up by 4% year-on-year. Gujarat's contribution was Rs 12,095 crore, a 6% rise from March 2024. Tamil Nadu's collection was Rs 11,017 crore, showing a 7% increase, while Uttar Pradesh recorded Rs 9,956 crore, marking a 10% growth compared to the previous year.
Point of View
I believe that the record GST collections signify a positive trend for India’s economy, reflecting both resilience and growth. These numbers not only highlight improved compliance but also indicate a robust economic recovery that bodes well for future fiscal policies and growth initiatives. Our nation stands to benefit significantly from such trends.
NationPress
22/05/2025
Frequently Asked Questions
What are the GST collections for April 2024?
The GST collections for April 2024 reached a record high of Rs 2.37 lakh crore, reflecting a 12.6% increase from the previous year's Rs 2.10 lakh crore.
What factors contributed to the increase in GST collections?
The increase in GST collections was primarily driven by heightened economic activity and improved compliance among taxpayers across various sectors.
How do the April 2024 collections compare to previous months?
In March 2024, GST collections were Rs 1.96 lakh crore, showing a sequential increase of 6.8% from Rs 1.84 lakh crore recorded in February.
Which states contributed the most to GST collections in March?
The top five contributors to GST collections in March were Maharashtra, Karnataka, Gujarat, Tamil Nadu, and Uttar Pradesh.
What was the refund issuance for April 2024?
In April 2024, the issuance of refunds rose by 48.3% to Rs 27,341 crore.
