India collects record 2.10 trillion rupees as goods and services tax in April
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INDIA collected a record 2.10 trillion rupees (S$34 billion) as gross goods and services tax (GST) in April, a rise of 12.4 per cent from the same period last year, the government said in a statement on Wednesday (May 1).
The government had collected 1.87 trillion rupees as GST in the same period last year.
“GST collections breach landmark milestone of 2 trillion rupees,” Finance Minister Nirmala Sitharaman posted on social media platform X, formerly known as Twitter.
After refunds, the government’s net GST mop-up rose 15.5 per cent year on year to 1.92 trillion rupees, the statement said.
The collection in April is usually higher as taxpayers clear their dues when India’s financial year ends in March.
The unprecedented surge in GST collections is a positive indicator of economic activity and compliance levels, said Rajat Mohan, executive director at accounting firm MOORE Singhi.
“A significant portion of this rise could be attributed to the accumulation of year-end tax dues, which typically see a spike as businesses and individuals rush to meet fiscal deadlines,” Mohan added.
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