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Record GST collections in March reflecting economic resilience

Record GST collections in March reflecting economic resilience

GST collections in March grew 11.5 per cent to Rs 1.78 lakh crore on higher domestic sales,the second-highest since GST's inception in July 2017, the finance ministry said on Monday.For the entire fiscal year 2023-24, gross GST collection stood at Rs. 20.18 lakh crore, a 11.7 percent increase compared to the previous year.The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal, according to estimates."Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic  transactions at 17.6 per cent," the ministry  reportedly stated.The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023, according to information.

Deloitte India Partner MS Mani quoted as saying record collections during FY24 demonstrate the economic resurgence across sectors and was possible due to the various measures taken by the GST authorities to improve compliance and stamp out evasion. The big  focus on comparison of taxpayer behaviour across tax and corporate databases has also made business convinced on the need to be compliant not only on their activities, but also keep track of their vendors tax behaviour and ensure that the entire value chain becomes compliant.Further, the double-digit increase in monthly GST collection underscores the resilience of economy and paves way for next generation GST reforms.

(Ira Singh, Asstt Editor, Gandhinagar)

 

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