PM Modi lauds record GST revenue, says great news for Indian economy

Applauding the record GST collection of ₹1.87 lakh crore in April, Prime Minister Narendra Modi on Monday said rising tax collection despite lower tax rates indicates success of GST.

“Great news for the Indian economy. Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance,” PM Modi said in a tweet moments after the ministry of finance released the GST revenue figures for the month.

Monthly GST revenue for April stood at record level of ₹1,87,035 crore, up 12% from ₹1,67,540 collected in the same month last year, finance ministry said in a release on Monday.

Assocham President Ajay Singh said the numbers indicate a robust growth in the Indian economy. “Highest ever GST collection of ₹1.87 lakh crore in April marks an excellent beginning of FY'24 . The GST numbers are indicative of robust growth of the Indian economy, on the back of a strong pick-up in consumer demand,” said Singh.

Experts too stress that the numbers bear testimony to the good ecomomic growth in the country, while also pointing towards a broad based recovery across the country. M S mani, Partner, Deloitte India, said, “The record GST collections relates to the transactions during March 23, the closing month of FY23, where all organisations would have been keen to close the fiscal year on a high note.”

“This comes on the back of the month's GST collections crossing ₹1.4 lakh crores continuously during FY23 and hence is a testimony to the good economic growth and the enhanced efforts aimed at improving compliances. Majority of large states have reported at a 20% plus growth over the same period last year, indicating a broad level growth across sectors and states,” Mani added.

According to data from the ministry of finance, the highest ever tax collection of ₹68,228 crore via 9. 8 lakh transactions on a single day were witnessed on April 20. The highest single day payment last year (on the same date) was ₹57,846 crore through 9.6 lakh transactions, according to the ministry.