India's Goods and Services Tax (GST) collections surged to an all-time high in April 2024, reaching Rs 2.1 lakh crore. This marks a significant 12.4 percent year-on-year growth, propelled by robust increases in both domestic transactions (up 13.4 percent) and imports (up 8.3 percent), according to a statement from the finance ministry on May 1.
Comparatively, the government had collected Rs 1.87 lakh crore in GST during the same period the previous year.
The finance ministry highlighted that after accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 15.5 percent growth compared to the corresponding period last year.
Over the years, monthly GST collections have demonstrated a steady increase. Beginning with an average of under Rs 1 lakh crore per month in its inaugural year of 2017-18, collections rose consistently, particularly following the pandemic-impacted fiscal year 2020-21, to average Rs 1.51 lakh crore in 2022-23.
Moreover, the gross collections for the first month of the fiscal year 2024-25 also demonstrated a notable uptick, standing at 17.81 percent higher than the previous month's collection of Rs 1.78 lakh crore in March.