look news india
India's gross GST collection in April, 2024 will be Rs. 2.1 lakh crore with record high. Which shows an annual growth of 12.4 percent. The Finance Ministry said GST collections have recorded a historic high with a strong growth of 13.4 per cent in domestic transactions and 8.3 per cent in imports. Earlier, during the same period last year, GST collection was Rs 1.87 lakh crore.
According to the data released by the Finance Ministry, during March-24 in Gujarat, Rs. 13301 crore GST collection was recorded. Which has increased by 13 percent (11721 crore) compared to last year.
Excluding refunds, net GST revenue increased
After calculating refunds, the net GST revenue in April, 2024 will be Rs. 1.92 lakh crore has been recorded. Which has increased by 17.1 percent compared to last year. In which Rs. 43846 crore Central GST, Rs. 53538 crore state GST and Rs. 99623 crore IGST and Rs. Cess of Rs 13260 crore included.
The Central Government has allocated Rs. Rs 50307 crore from Integrated GST. Rs 41600 crore after settlement of Central GST. 94153 crore, for state GST Rs. Revenue of Rs 95138 crore has been recorded. On social media platform X, Finance Minister Nirmala Sitharaman said, GST collection has reached a historic high of Rs 2 lakh crore.
GST was implemented on 1 July 2017 as a tax reform in the country. GST collection has increased continuously since 2020-21 after the Covid pandemic. An average collection of Rs 1.51 lakh crore was recorded in 2022-23.