In a notable growth, the Items and Providers Tax (GST) assortment has surged by 11.5 per cent year-on-year (YoY), reaching a powerful Rs 1.78 lakh crore within the month of March. The Finance Ministry has reported that this determine marks the second-highest assortment ever recorded, reflecting a strong efficiency in income era regardless of prevailing financial circumstances.

GST assortment for final fiscal

The gross GST assortment for the final fiscal (April 2023-March 2024) stood at Rs 20.14 lakh crore, 11.7 per cent increased than the mop-up within the previous fiscal. The typical month-to-month gross assortment for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore within the previous fiscal.

“Gross Good and Providers Tax (GST) income for March 2024 witnessed the second highest assortment ever at Rs 1.78 lakh crore, with an 11.5 per cent year-on-year progress. This surge was pushed by a big rise in GST assortment from home transactions at 17.6 per cent,” the ministry stated in an announcement.

When was highest-ever GST assortment recorded?

The very best-ever GST assortment was recorded at Rs 1.87 lakh crore in April 2023. GST income internet of refunds for March 2024 was Rs 1.65 lakh crore, 18.4 per cent increased over the identical interval a 12 months in the past.

What’s Items and Providers Tax? 

The Items and Providers Tax (GST) is a successor to VAT utilized in India on the provision of products and companies. GST is a digitalized type of VAT the place you may as well monitor the products & companies. Each VAT and GST have the identical taxation slabs. It’s a complete, multistage, destination-based tax: complete as a result of it has subsumed nearly all of the oblique taxes besides a number of state taxes. The GST is split into 5 totally different tax slabs for assortment of tax: 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. Nevertheless, petroleum merchandise, alcoholic drinks, and electrical energy aren’t taxed beneath GST and as a substitute are taxed individually by the person state governments. 

(With PTI inputs)

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