GST: Collections Surge Past Rs 2 Lakh Crore, Fueled by Economic Growth and Effective Measures

The collection was Rs 1.87 lakh crore in April 2023.Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST.

Finance Minister Nirmala Sitharaman on Wednesday said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation.

In a post on X (formerly Twitter), the minister also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their ''sincere and collaborative efforts'' in achieving this landmark.

''GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections,'' she said.

Goods and Services Tax collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023.

Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April 2024 after regular settlement.

Sitharaman also said, ''there are no dues pending on account of IGST (Integrated GST) settlement to the states.'' Goods and Services Tax (GST), which subsumed over a dozen local taxes, was rolled out on July 1, 2017. Currently, there are 1.45 crore registered taxpayers on the GST system.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)