India collects record £20b as goods and services tax

After refunds, the government’s net goods and services tax revenue climbed 15.5 per cent year-on-year to 1.92 trillion rupees (₤18.39 billion), the statement said.

• Vivek Mishra
• 01 May, 2024

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By: Vivek Mishra

INDIA has achieved a significant milestone in tax collection, amassing 2.10 trillion rupees (£20.12 billion) in gross goods and services tax (GST) for April, marking a 12.4 per cent increase from the previous year, according to a government statement released on Wednesday (1).

Last year, during the same period, the government had collected 1.87 trillion rupees (₤17.90 billion).

“GST collections breach landmark milestone of 2 trillion rupees (19.18 billion pounds),” finance minister Nirmala Sitharaman announced on the social media platform X, formerly known as Twitter.

After refunds, the government’s net GST revenue climbed 15.5 per cent year-on-year to 1.92 trillion rupees (₤18.39 billion), the statement said.

April typically witnesses heightened tax payments as India’s fiscal year concludes in March.

The notable surge in GST collections indicates robust economic activity and adherence to tax regulations, 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 said.

(Reuters)