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BusinessIndia's gross GST revenue surpasses Rs 2 lakh crore for first time...

India’s gross GST revenue surpasses Rs 2 lakh crore for first time in April

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's gross goods and services tax (GST) revenue collection surpassed two lakh crore rupees for the first time ever in April, according to figures released by the finance ministry. Riding strong growth in both domestic and import transactions, the net GST revenue collection crossed 1.92 lakh crore rupees, continuing the rising trend seen in recent months.

According to the finance ministry statement, April saw a robust twelve percent year-on-year increase in gross GST collection to reach the two lakh crore rupees mark. Domestic transactions grew over thirteen percent, while imports were up by around eight percent compared to the same period last year. With economic activity picking up pace and authorities ramping up anti-evasion measures, GST compliance has clearly strengthened.

A deeper analysis of state-wise figures show that a large number of regions posted double-digit growth over April 2023. Heavyweights like Maharashtra, Gujarat and Uttar Pradesh contributed the most in terms of collection amounts. Meanwhile, nineteen states and union territories registered above-average growth compared to the all-India surge.

Experts attribute the consistently high GST mop-up to a buoyant domestic and strict enforcement of audit deadlines. The sustained collection trend bodes well for both central as well as state government finances. With the full financial year collection crossing eighteen lakh crore rupees, revenue generation under the GST regime has achieved new heights.

Going forward, further sharpening compliance and plugging leakage in the indirect tax system will likely sustain the revenue momentum. As economic activities normalize post-pandemic, robust GST numbers underline India's firm recovery path and bright fiscal prospects.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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