New Delhi: The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore.
“This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year,” said an official release.
Abhishek Jain, Partner & National Head, Indirect Tax, KPMG in India said, āThe consistent growth in GST collections with this one being the highest collection ever is a big cheer and reflects upon the strong domestic economy specially given the fact that growth on account of domestic transactions is 13.4% as compared to imports which is at 8.3%. Another significant reason for this growth could be linked to deadline for GST audits and corresponding notices issued during this yearā.