New Delhi: Seven years because it was first rolled out on July 1, 2017, the Items and Providers Tax has undergone a large change since then. Whereas the GST assortment quantity hit a report excessive in March 2023, it has once more touched second highest tally in March 2024.
The Items and Providers Tax (GST) assortment elevated by 11.5 per cent in comparison with the earlier yr, reaching Rs 1.78 lakh crore within the fiscal yr ending March 2024. This marks the second-highest assortment ever recorded. (Additionally Learn: McKinsey Affords Full Pay For 9 Months And Profession Teaching For Workers To Go away Firm)
The Ministry of Finance said that the rise in GST assortment in March 2024 was primarily resulting from a notable rise in GST collected from transactions throughout the nation, which went up by 17.6 per cent. After deducting refunds, the web GST income for March 2024 amounted to Rs 1.65 lakh crore, exhibiting a development of 18.4 per cent in comparison with the identical interval final yr. (Additionally Learn: Tata Worldwide Appoints Rajeev Singhal As MD)
Out of the general collections, the Central Items and Providers Tax (CGST) amounted to Rs 34,532 crore, the State Items and Providers Tax (SGST) reached Rs 43,746 crore. The Built-in Items and Providers Tax (IGST) totaled Rs 87,947 crore, which incorporates Rs 40,322 crore collected on imported items. Furthermore, Cess collections have been Rs 12,259 crore, together with Rs 996 crore collected on imported items.
In the identical interval final yr, GST collections have been at Rs 1.6 lakh crore. In April 2023, the federal government collected Rs 1.87 lakh crore via GST, the highest-ever GST collected up to now. For the fiscal yr 2023/24, which ended on March 31, the typical gross GST assortment stood at Rs 1.68 lakh crore, in comparison with Rs 1.5 lakh crore the earlier yr.
The federal government’s gross GST assortment for the fiscal yr 2023/24 was roughly 12 per cent increased than the earlier yr, totaling Rs 20.1 lakh crore, in keeping with the assertion. The surge in GST collections displays the nation’s sturdy financial development, offering a stable basis for the federal government to satisfy its developmental targets and priorities. (With PTI Inputs)
