Record GST Collection: Modi government’s treasury filled to the brim amid elections, GST created history, collection crossed Rs 2 lakh crore for the first time
GST collections, which crossed the Rs 2 lakh crore mark for the first time, recorded an impressive 12.4 per cent year-on-year growth in total revenue in the month of April. Furthermore, net income (after refunds) stood at Rs 1.92 lakh crore and grew by 17.1 per cent year-on-year. The total GST collections for April 2024 include Central GST (CGST) at Rs 43,846 crore, State GST (SGST) at Rs 53,538 crore, IGST at Rs 99,623 crore and Cess at Rs 13,260 crore.
Earlier this record was made in April 2023
Before the record GST collection in April, the government treasury was filled with GST in March also. GST collection of Rs 1.78 lakh crore was done on monthly basis in March 2024. Talking about the biggest GST collection till date, this was also recorded last year in April 2023, when the government treasury from GST reached Rs 1.87 lakh crore.
According to government data, the total GST collection for the financial year 2023-24 has been Rs 20.18 lakh crore, which is Rs 0.18 lakh crore more than the previous financial year 2022-23, when the GST collection was Rs 20 lakh crore. happened
GST was implemented in the country in the year 2017
It is noteworthy that GST was implemented on 01 July 2017. This is considered to be the biggest tax reform in the country after independence. This removed many complexities of indirect taxes. With this new system, 17 taxes like VAT, excise duty (on many items) and service tax have been abolished. To encourage small businesses, the government has exempted businesses with an annual turnover of Rs 40 lakh from the purview of GST. While implementing the Goods and Services Tax (GST), it was said that not only the Central Government but also the State Governments will benefit on the revenue front.
Let us tell you that the concept of GST was first introduced in 2000, and a committee was formed to create a unique model for our country. It took a long time of 17 years to get expert recommendations and political consensus on a proper draft of the GST Bill. Both houses of Parliament finally passed it by 2016. After the assent of the President and ratification by the state governments, the GST Act, 2017 was enacted.
