Gross Goods and Services Tax collections of India attained a record high of Rs 2.10 lakh crore in April, increasing 12.4 per cent on a year-on-year basis, the Finance Ministry stated.
In March the GST collection stood at Rs 1.78 lakh crore. Earlier Rs 1.87 lakh crore in April 2023 is the highest-ever GST collection number.
A 13.4 per cent growth in domestic transactions and 8.3 per cent growth in imports, is the major cause of growth, ministry added.
The net GST revenue for April 2024 stands at Rs 1.92 lakh crore, post refund accounting, showing an impressive 17.1% rise corresponded to the identical duration last year.
Finance Ministry officials stated that before in the month of April, they had anticipated the number to cross the Rs 2 lakh mark in April.
Sanjay Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs, cited that revenue from GST, a consumption tax, was anticipated to top Rs 1.8 lakh crore on an average per month in FY25.
Rs 1.68 lakh crore was the Average GST collection in FY24 while the same was Rs 1.51 lakh crore in FY23.
An IGST of Rs 50,307 crore to the Centre and Rs 41,600 crore to states has been cleared. This IGST settlement of Rs 91,907 crore is Rs 4,413 crore exceeding the actual net IGST collections of Rs 87,494 crore and stands settled by the Central Government, Finance Minister Nirmala Sitharaman stated.
No dues pending for the IGST settlement to the states are there, she stated.
An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…
It was cited by the Delhi HC that the two adjudication orders against one SCN…
The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…
In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…
Goods and Services Tax (GST) is to get paid on the procurement of materials and…
The Bombay High Court carried that as the revocation orders for the registration cancellation on…
