India Sets Record with 2.10 Trillion Rupees GST Collection in April
The Indian government announced a record-breaking gross goods and services tax (GST) collection of 2.10 trillion rupees ($25.15 billion) for the month of April. This marks a 12.4% increase compared to the same period last year.
Key Points:
- In April, India’s GST collection reached 2.10 trillion rupees, showing a significant growth from the previous year’s 1.87 trillion rupees.
- Finance Minister Nirmala Sitharaman celebrated the achievement, stating that GST collections have surpassed the 2 trillion rupees mark.
- After accounting for refunds, the net GST collection for the government stood at 1.92 trillion rupees, reflecting a 17.1% year-on-year increase.
The surge in GST collections during April is a common trend as taxpayers settle their dues before the end of India’s financial year in March. This spike is often attributed to businesses and individuals rushing to meet fiscal deadlines.
Expert Opinion:
Rajat Mohan, the executive director at accounting firm MOORE Singhi, views the unprecedented increase in GST collections as a positive sign of economic activity and compliance levels. He suggests that a significant portion of this rise is due to the accumulation of year-end tax obligations.
