GST Revenue collection crossed 2 lakh crore mark in April 2024

GST Revenue collection crossed 2 lakh crore mark in April 2024

The Goods and Services Tax revenue collection for the month of April 2024 has crossed the 2 lakh crore mark and recorded 2.1 lakh crore with witnessing the growth of 12.4% from the same month of last year which was at 1.87 lakh crore, highest one then.

If we take refunds into account, the GST revenue collections for the month of April 2024 were 1.92 lakh crore and recorded a growth of 15.5 % from the collection in April 2023.

Reasons behind:

As per the finance minister, the strong momentum of the economy and efficient tax collections are the main reasons behind this huge GST revenue collection that crossed the 2 lakh crore mark.

The increased domestic transactions revenues also contributed to the GST collections as they grew with the speed of 13.4%. The imports of goods also witnessed an uptick in the collection as it increased 8.3%.

Bifurcation:

Important terms:

Goods and services tax-

GST stands for Goods and Services Tax. It is a consumption tax levied on the supply of goods and services in many countries around the world. GST is designed to replace other indirect taxes such as sales tax and value-added tax, streamlining the taxation process and reducing administrative complexities.

Year-on-year growth-

Year-on-year (YoY) growth, also known as year-over-year growth, is a measure used in financial and economic analysis to compare the performance of a particular metric, such as revenue, sales, or GDP, between two points in time separated by one year.

Fiscal year-

A fiscal year is a 12-month period used for financial reporting and budgeting purposes by businesses, governments, and other organizations. It may or may not coincide with the calendar year.

Conclusion:

The GST revenue collections of this fiscal year has been witnessing a clear and robust growth and the continuation of this trend is expected for the rest period of time. The overall economic condition and other industrial outcomes contribute to the growth of the GST revenue collections.

Important Questions:

• What is the GST Revenue collection for the month of April 2024?
• What is the goods and services tax

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