Editor's Pick | Gross GST revenues hit record ₹2.1 lakh crore in April

Year-end compliances lifted India’s gross Goods and Services Tax (GST) revenues past a record ₹2.1 lakh crore in April, reflecting a 12.4% growth over the previous highest tally of ₹1.87 lakh crore in the same month last year. Taking refunds into account, GST revenues for the month were at ₹1.92 lakh crore, 15.5% higher than the collection in April 2023. Finance Minister Nirmala Sitharaman attributed the ₹2 lakh crore-plus GST revenues in April to “the strong momentum in the economy and efficient tax collections”, and said there were no dues pending on account of IGST (Integrated GST) settlement to the States. The Finance Ministry said that revenues from domestic transactions grew 13.4%, while goods imports yielded an 8.3% uptick, helping GST inflows “breach the landmark milestone of ₹2 lakh crore”. The marks a rebound in revenues from goods imports that had contracted 5% in March, while domestic transactions’ growth weakened in April relative to the 17.6% uptick recorded in the previous month. Overall, gross GST revenues grew at a slower pace of 11.5% in March, while net revenues had risen 18.4%, faster than April’s growth. April’s GST revenues, for transactions in March, are typically the highest in a year as taxpayers square their books for the financial year and remit any pending dues to meet compliance deadlines. Following last month’s record spike, experts project revenues to moderate in coming months, with some growth expected over the ₹1.68 lakh crore monthly average GST collection of 2023-24. GST compensation cess collections also hit an all-time high of ₹13,260 crore last month, which included ₹1,008 crore collected on imported goods. The Ministry emphasised that there had been a positive performance across components, pointing to Central Goods and Services Tax (CGST) revenues of ₹43,846 crore, State GST revenues of ₹53,538 crore and Integrated Goods and Services Tax (IGST) inflows of ₹99,623 crore. Four States, including the erstwhile State of Jammu and Kashmir, Arunachal Pradesh, and Sikkim, recorded a contraction in revenues last month. Eight States saw muted growth relative to the 13.4% overall growth in domestic revenues. The Hindu’s Editorials The services story: On India’s success Sea also rises: On understanding the Indian Ocean’s local impact The Hindu’s Daily News Quiz PM SVANidhi is a micro-credit facility for which category of workers? Textile workers Fishermen Domestic workers Street vendors To know the answer and to play the full quiz, click here. [logo] Editor's Pick 02 May 2024 [The Hindu logo] [EP Logo] Editor's Pick 02 May 2024 In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [View in browser]( [More newsletters]( Gross GST revenues hit record ₹2.1 lakh crore in April Year-end compliances lifted [India’s gross Goods and Services Tax (GST)]( revenues past a record [₹2.1 lakh crore in April]( reflecting a 12.4% growth over the previous highest tally of ₹1.87 lakh crore in the same month last year. Taking refunds into account, GST revenues for the month were at ₹1.92 lakh crore, [15.5% higher than the collection in April 2023.]( Finance Minister Nirmala Sitharaman attributed the ₹2 lakh crore-plus GST revenues in April to “the strong momentum in the economy and efficient tax collections”, and said there were [no dues pending on account of IGST]( GST) settlement to the States. The Finance Ministry said that revenues from domestic transactions grew 13.4%, while goods imports yielded an 8.3% uptick, helping GST inflows “breach the landmark milestone of ₹2 lakh crore”. The marks a rebound in revenues from goods imports that had contracted 5% in March, while domestic transactions’ growth weakened in April relative to the 17.6% uptick recorded in the previous month. Overall, [gross GST revenues grew at a slower pace of 11.5% in March]( while net revenues had risen 18.4%, faster than April’s growth. April’s GST revenues, for transactions in March, are typically the highest in a year as taxpayers square their books for the financial year and remit any pending dues to meet compliance deadlines. Following last month’s record spike, experts project revenues to moderate in coming months, with some growth expected over the ₹1.68 lakh crore monthly average GST collection of 2023-24. GST compensation cess collections also hit an all-time high of ₹13,260 crore last month, which included ₹1,008 crore collected on imported goods. The Ministry emphasised that there had been a [positive performance across components]( pointing to Central Goods and Services Tax (CGST) revenues of ₹43,846 crore, State GST revenues of ₹53,538 crore and Integrated Goods and Services Tax (IGST) inflows of ₹99,623 crore. Four States, including the erstwhile State of Jammu and Kashmir, Arunachal Pradesh, and Sikkim, recorded a contraction in revenues last month. Eight States saw muted growth relative to the 13.4% overall growth in domestic revenues. The Hindu’s Editorials [Arrow][The services story: On India’s success]( [Arrow][Sea also rises: On understanding the Indian Ocean’s local impact]( The Hindu’s Daily News Quiz PM SVANidhi is a micro-credit facility for which category of workers? - Textile workers - Fishermen - Domestic workers - Street vendors To know the answer and to play the full quiz, click [here](. [Sign up for free]( Today’s Best Reads [[Hindu marriage not valid unless performed with requisite ceremonies: SC] Hindu marriage not valid unless performed with requisite ceremonies: SC]( [[Treated water is a crisis-fix for Bengaluru, but quality matters] Treated water is a crisis-fix for Bengaluru, but quality matters]( [[PIL filed in Delhi High Court against use of deepfake technologies in political campaign for Lok Sabha, Assembly elections] PIL filed in Delhi High Court against use of deepfake technologies in political campaign for Lok Sabha, Assembly elections]( [[Northern plains, central India to have high number of heat wave days in May: IMD] Northern plains, central India to have high number of heat wave days in May: IMD]( Copyright© 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please [try here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails [go here](