Near 10% boost takes GST kitty to Rs 22 lakh crore
GST collection in March rose nearly 10% to Rs.1.96 lakh crore, driven by economic stability and strong tax compliance. The fiscal year's gross collection increased to Rs.22.1 lakh crore. April collections are expected to be higher, continuing the trend of revenue growth and better compliance.
Goods and services tax (GST) collection rose nearly 10% to Rs.1.96 lakh crore in March from the year earlier, the second-highest monthly collection ever, riding a recovery in domestic demand and better compliance. Gross collection for the full fiscal year was Rs.22.1 lakh crore, 9.4% higher than Rs.20.2 lakh crore in FY24, according to official data released on Tuesday.
"A nearly 10% growth in collections compared to last year reflects economic stability and strong tax compliance by companies," said Abhishek Jain, partner and head, indirect tax, KPMG in India.
