With the help of strong economic momentum and efficient tax realization, Finance Minister Nirmala Sitharaman has said that Goods and Services Tax (GST) collection breached the Rs 2 lakh crore milestone. 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.
She also lauded 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.
Sitharaman also said ‘there are no dues pending on account of IGST (Integrated GST) settlement to the states.’ 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.