India's Goods and Services Tax (GST) collections reached a historic high of Rs 2.10 lakh crore in April, marking a significant 12.4% year-on-year growth, according to a statement from the Finance Ministry on Wednesday.
March's GST collection was recorded at Rs 1.78 lakh crore, while the previous highest collection figure was Rs 1.87 lakh crore in April 2023.
The growth was primarily fueled by a 13.4% increase in domestic transactions and an 8.3% rise in imports, as stated by the ministry.
Accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year, as mentioned in the press release.
In an interview with news agency Bloomberg earlier in April, Finance Ministry officials had expressed expectations of the figure crossing the Rs 2 lakh crore mark in April.
Sanjay Kumar Agarwal, Chairman of the Central Board of Indirect Taxes and Customs, anticipated that revenue from GST, a consumption tax, would surpass Rs 1.8 lakh crore on average per month in FY25.
The average GST collection was Rs 1.68 lakh crore in FY24, while it stood at Rs 1.51 lakh crore in FY23.
