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India's GST collections reached a record high of ₹2.10 lakh crore in April, up 12.4% year on year, according to the Finance Ministry. The amount of GST collected in March was ₹1.78 lakh crore. Before this, in April 2023, the highest-ever GST collection amount was ₹1.87 lakh crore.
According to the government, the increase was caused by an 8.3% increase in imports and a 13.4% increase in domestic transactions. "After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year," the press release read.
In an interview with news agency Bloomberg earlier in April, representatives from the Finance Ministry stated that they anticipated the number to surpass ₹2 lakh in April.
Sanjay Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs, said that revenue from GST, a consumption tax, was expected to top ₹1.8 lakh crore on an average per month in FY25. The average GST collection in FY24 was ₹1.68 lakh crore, while it was ₹1.51 lakh crore in FY23.
AnIGST amount of ₹50,307 crore to the Centre and ₹41,600 crore to the state has been cleared. ThisIGST settlement of ₹91,907 crore is ₹4,413 crore more than the actual net IGST collections of ₹87,494 crore and stands settled by the Central Government,” Finance Minister Nirmala Sitharaman said in a post on X. “There are no dues pending on account of IGST settlement to the states,” she added.
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