The Finance minister, Nirmala Sitharaman commented that the GST collection reached Rs 2 lakh crore milestone due to the implementation of the economic momentum and efficient tax realisation.
Goods and Services Tax (GST), which subsumed over a dozen local taxes, was rolled out on July 1, 2017. Currently, there are 1.45 crore registered taxpayers on the GST system.
The finance minister appreciated the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their “sincere and collaborative efforts” in achieving this landmark.
“There are no dues pending on account of IGST (Integrated GST) settlement to the states. GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections,” she said. GST collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023.
Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April 2024 after regular settlement.
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