Why GST Recorded Highest-Ever Collection in April 2024?

The GST collection in April 2024 was recorded as the highest ever at Rs 2.10 lakh crore, according to the latest official data. The collection figures follow the rising trend as the previous month of March 2024 also reported the second-highest collections. Though the government said the strong GST numbers were recorded on the back of a strong increase in domestic transactions and imports, experts said it also shows the Indian economy’s fast formalisation.

“The Indian economy is on a fast track to formalisation and businesses are fast becoming organised and are coming into the mainstream,” said Vivek Jalan, partner at Tax Connect Advisory Services LLP.

On GST collection trends, he said that GST collections have recorded an average monthly revenue of around Rs 0.9 lakh crore to April 2024 since its implementation in July 2017.

“GST revenues have witnessed an approximate growth of 13 per cent per annum on an average between July 2017 and April 2024,” Jalan added.

Source : https://www.news18.com/business/why-gst-recorded-highest-ever-collection-in-april-2024-8873446.html