New Delhi: GST collection increased by 12.6% – the fastest speed of expansion in 17 months – to reach a record of Rs 2,36,716 crore in April, imports were provoked by jumping more than 20% in MOP -ups from imports.
The collection from domestic sources was less than Rs 1.9 lakh crore more than Rs 10.7%, while gross import revenue increased by 20.8%. The refund rose 48.3% to Rs 27,341 crore.On a net basis, the collection increased by 9% to Rs 2,09,376 crore.
GST Fig shows flexibility of economy: FM
Appreciating the efforts of the authorities, Finance Minister Nirmala Sitaraman said, “The figures reflect the flexibility of the Indian economy of cooperative federalism. The deepest gratitude for taxpayers, whose contribution and confidence in GST architecture runs the progress of the nation. Their contribution reflects a shared commitment to the creation of a Wikit India. Congratulations and sincere congratulations to the dedicated efforts of all states and state GST officers and remain a similar partner in India’s GST framework.,
The collection in April, based on transactions in March, is usually the highest because companies run to meet the end goals of the year. “Record GST collection underlines the underlying strength of the Indian economy in front of global economic uncertainties. The government’s active measures to expedite export and other GST refunds have reduced the burden of working capital on industries, one benefit consumers are likely to translate from medium to long periods.Notable GST figures for April may also be positively affected by adequate exports in the US market before the announcement of mutual tariffs. While a potential moderation in full GST collection is approximate next month due to the current global economic environment, the overall approach to the Indian economy is optimistic, ”said Saurabh Aggarwal, tax partner of EY India.
Experts also spread comfort equally from development. Meghalaya reported an increase of 50% in the collection, while Andhra Pradesh was at the other end of the spectrum, with a decline of 3%.
“The collections are equally high in all major producers/ consuming states and are within the range of 11% to 16% … It is interesting to note that there are more than five states including UP, Gujarat, Maharashtra, Karnataka and Tamil Nadu, including more than 10 lakh GST registrations … for GST for these states.
