GST Collections Hit All-Time High in April

New Delhi: In a remarkable display of economic resilience, GST collections soared by 12.6% in April, marking the fastest pace of expansion in 17 months and reaching an unprecedented Rs 2,36,716 crore. This surge was significantly bolstered by a more than 20% increase in collections from imports, showcasing the dynamic strength of India's economy amidst global uncertainties.

Domestic and Import Contributions

Domestic sources contributed a robust 10.7% increase, amounting to nearly Rs 1.9 lakh crore, while gross import revenue escalated by 20.8% to Rs 47,000 crore. Refunds also witnessed a significant jump, rising 48.3% to Rs 27,341 crore, indicating a healthy turnover in the economy.

Finance Minister Applauds Economic Resilience

Finance Minister Nirmala Sitharaman lauded the efforts of the officers and the taxpayers, emphasizing the figures as a testament to the Indian economy's resilience and the efficacy of cooperative federalism. She extended her gratitude to the taxpayers and commended the state GST authorities for their pivotal role in this achievement.

Expert Insights on GST Collections

Experts attribute the record collections to the economy's underlying strength and proactive government measures. Saurabh Agarwal of EY India highlighted the potential long-term benefits for consumers and industries alike, despite anticipating a moderation in collections due to the global economic climate.

Uniform Growth Across States

The growth was uniformly distributed across states, with Meghalaya leading at a 50% increase, while Andhra Pradesh saw a slight decline. Major states like UP, Gujarat, and Maharashtra, with over 10 lakh GST registrations, were key contributors to the collections.