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May 1, 2024

Record-Breaking GST Collection Exceeds Rs 2 Lakh Crore Mark, Reflecting Strong Economic Growth and Efficient Taxation

Finance Minister Nirmala Sitharaman announced on Wednesday that GST collections have surged past the Rs 2 lakh crore mark, attributing this milestone to robust economic momentum and effective tax realization mechanisms. In a statement shared on X (formerly Twitter), the minister commended the concerted efforts of central and state revenue department officers along with the Central Board of Indirect Taxes & Customs (CBIC) for their collaborative work in achieving this significant feat.

“The GST collection has crossed the Rs 2 lakh crore benchmark, owing to the strong momentum in the economy and efficient tax collections,” Sitharaman stated.

April witnessed a remarkable growth in Goods and Services Tax collection, soaring by 12.4 percent to reach a record high of Rs 2.10 lakh crore. This surge can be attributed to increased domestic transactions and imports, surpassing the collection of Rs 1.87 lakh crore recorded in April 2023.

Of the Integrated Goods and Services Tax (IGST) collection, Rs 50,307 crore was settled towards Central Goods and Services Tax (CGST), and Rs 41,600 crore towards State Goods and Services Tax (SGST). This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April 2024 after regular settlement procedures.

Sitharaman further emphasized, “There are no pending dues on account of IGST settlement to the states.”

The Goods and Services Tax (GST), which subsumed over a dozen local taxes, was rolled out on July 1, 2017. Presently, there are 1.45 crore registered taxpayers on the GST system, reflecting its widespread coverage and impact on the Indian tax landscape.

The significant surge in GST collection indicates a buoyant economic scenario and underscores the effectiveness of the tax regime in India. The collaborative efforts of both central and state authorities, along with advancements in tax technology, have streamlined tax collection processes and facilitated smoother compliance.

Efficient tax collection mechanisms not only ensure a stable revenue stream for the government but also foster a conducive environment for businesses to thrive. The record-breaking GST collection is indicative of the resilience and adaptability of the Indian economy amidst global uncertainties.

As India continues its journey towards economic recovery and growth, sustained efforts in enhancing tax compliance and administration will play a crucial role in maintaining fiscal stability and fostering inclusive development.

Jhumpa Lahiri

Jhumpa Lahiri

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