GST Collection Hits Record High in April

In April, Goods and Services Tax collections soared to a record Rs 2.37 lakh crore, marking a 12.6% year-on-year increase. Domestic transactions contributed Rs 1.9 lakh crore, while imported goods added Rs 46,913 crore. Refunds surged to Rs 27,341 crore, pushing net collections to over Rs 2.09 lakh crore.

The government's latest data reveals that the Goods and Services Tax (GST) collection reached an unprecedented Rs 2.37 lakh crore in April, a 12.6% increase compared to the previous year. This figure surpasses last April's GST mop-up of Rs 2.10 lakh crore, making it the highest since the tax regime's inception on July 1, 2017.

Revenue from domestic transactions jumped by 10.7%, amounting to about Rs 1.9 lakh crore, while the intake from imported goods showed an impressive 20.8% rise, totaling Rs 46,913 crore. This robust growth signifies a thriving economic activity both domestically and internationally.

Furthermore, the issuance of refunds saw a sharp 48.3% rise, reaching Rs 27,341 crore. After adjusting these refunds, the net GST collection for April stood at a substantial Rs 2.09 lakh crore, reflecting a 9.1% increase.