-
May 02, 2024
-
GST collections top Rs 2 trn
India’s gross goods and services tax (GST) collections rose 12.4% on year to hit a record high of Rs 2.1 trillion in April, due to a variety of factors, including streamlining of accounts by businesses for FY24, electoral expenses by political parties and a modest recovery in rural consumption. Previously, the highest-ever GST collection figure stood at Rs 1.87 lakh crore in April 2023.
According to data released by the finance ministry on Wednesday, GST collections during April (mostly for March transactions) were driven by a stronger increase in domestic sales (up 13.4%) than imports (up 8.3%). This too cements the notion that consumption, which has remained subdued and skewed towards premium articles, may now have a tendency to be more broad-based. But this, according to economists, would still need to be borne out by other high-frequency data.
|