GST Collection is the highest ever recorded in April 2024 for the previous financial year. The company reached up to Rs. 2.10 Lakh Crore till now. The main reason behind the increase in GST collection is increase in the domestic transactions. More and more people are involved in online transactions domestically. In the previous year, the all-time high was Rs. 1.87 Lakhs crore. Thus, there is a 12.4% increase directly. Let us explore more about the GST Collection for the previous financial year below.
GST Collection Touches Its All-Time High Of ₹2.10 Lakh Crore In April
GST Collection has been increasing for many years continuously. Touching its all-time high the previous year, the GST collection again creates a new record. The all-time high for the financial year 2023-24 is Rs. 2.10 Lakh Crores. It is almost a 13.4% YoY high. It marks the growth of the economy and its further development. The economy is moving faster aft. The government encourages more and more people to pay the taxes.
Thus, GST collection is increasing as more and more people are becoming aware of the perks of paying GST. It’s been seven years since GST was implemented. If we talk about making new records, the GST collection reached 2 trillion for the first time. Let us have a look at the numbers of GST collections. Following is the amount of GST collected by the government in the financial year:
Central Goods and Services Tax (CGST): Rs. 43,846 Crore
State Goods and Services Tax (SGST): Rs. 53,538 Crore
Integrated Goods And Services Tax (IGST): Rs. 99,623 Crore
Others: Rs. 37,826 Crore.
As elections are on its way. Thus, it is important to know that the new government can take the GST system to another level. The GST reforms will be able to change or grow the economy faster. With the reforms, the things that are still out of GST’s reach can come under its reach.
Products like alcohol, petrol, diesel, and real estate may come under the GST slab. It will increase the GST collection even further. These are some of the crucial things in the Indian economy having a high demand and business. The Collection is going to hit another all-time high next year as per the predictions. The growth can shift to 15.5% by the end of the current year. We hope you get enough details about the GST collection and its new all-time high record. Stay tuned for more information on our website.