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Indian Ministry of Finance: The country’s gross GST collections hit a record high of ₹2.10 lakh crore in April, growing 12.4% year on year driven by a strong increase in domestic transactions and imports. Read here: https://lnkd.in/gaxNFp7N #GST #Economy #FinanceMinistry

India's Goods and Services Tax (GST) collections witnessed a significant rise in August 2024, reaching Rs 1.75 lakh crore. This marks a 10% increase compared to the same period last year. However, the slowdown in net GST collections was even more pronounced, increasing by just 6.5%, reflecting a 38% surge in refunds. This deceleration in GST revenue may indicate a broader economic cooling, as seen in the first quarter GDP growth of 6.8%, down from 8.2% a year earlier. Domestic revenue contributed Rs 1.25 lakh crore, reflecting a 9.2% growth, while revenues from the import of goods surged by 12.1%, amounting to Rs 49,976 crore. https://lnkd.in/gsbXHGbn Graphic: Faizan Khurshid/NH #GST #EconomicGrowth #IndiaEconomy #Revenue #Taxes #TaxRevenue #IndiaBusiness #FinanceNews #EconomicUpdate

Strong GST Growth in April 2024!   India's GST collections hit a record high of ₹2.10 lakh crore in April 2024, reflecting a 12.4% year-on-year jump. This surge is driven by both domestic transactions (+13.4%) and imports (+8.3%). Net GST revenue after refunds also saw impressive growth of 15.5%.   Here's a breakdown: CGST: ₹43,846 crore SGST: ₹53,538 crore IGST: ₹99,623 crore (incl. ₹37,826 crore on imports) Cess: ₹13,260 crore (incl. ₹1,008 crore on imports) Positive news for both central and state governments with healthy revenue figures #JPChawla #GST #IndianEconomy #PIB #Taxation

India's Goods and Services Tax (GST) collections for May 2024 have fallen to ₹1.73 lakh crore, representing a 1.86% decline from the previous month’s collection of ₹1.76 lakh crore. This dip is seen as part of the usual monthly fluctuations but is noteworthy given the overall economic context. Despite this decline, the GST collections remain strong, reflecting sustained economic activity. The central and state governments continue to monitor these trends closely, as GST revenue is crucial for funding various public services and development projects.#incometax #updatenews #gst #incometax

India’s gross GST revenue for November 2024 grew by 8.5% year-on-year to ₹1.82 lakh crore, driven by higher domestic transactions and imports, according to government data.  Breakdown of Collections:   - #CentralGST (CGST): ₹34,141 crore   - #StateGST (SGST): ₹43,047 crore   - #IntegratedGST (IGST): ₹91,828 crore   - #Cess: ₹13,253 crore  Revenues from domestic transactions rose 9.4% to ₹1.40 lakh crore, while GST on imports increased by 6% to ₹42,591 crore. After adjusting ₹19,259 crore in refunds, net GST collection saw an 11% growth, reaching ₹1.63 lakh crore.  Cumulatively, GST collections for April-November 2024 stand at ₹14.57 lakh crore, showcasing robust economic activity and improved compliance.  #GSTRevenue #EconomicGrowth #IndiaFinance #TaxCompliance #DomesticTransactions #GSTCollections #TradeUpdates

India's GST collections stood at Rs 1.75 lakh crore in August, a slight decrease from the previous month's Rs 1.82 lakh crore. However, the overall growth rate remained robust at 10% compared to last year, with domestic revenue up by 9.2% to Rs 1.25 lakh crore and import revenue rising 12.1% to Rs 49,976 crore. The net GST revenue, adjusted for refunds, was Rs 1.5 lakh crore, marking a 6.5% increase from the previous year. As the GST Council prepares for its September 9 meeting, discussions on GST exemptions for life insurance are anticipated. #gstcollections #gstcollection #gst #goodsservicestax #tax #india #bharat #economy #indianeconomy #taxrevenue #gstgrowth #import #export #revenue #economicgrowth #economicupdate #finance #financialnews #taxation #news #insightspoint

Understanding GST Revenue Trends and Economic Implications in India Read more: https://lnkd.in/edcBzP-f GSTRevenue #IndianEconomy #EconomicTrends #TaxGrowth #FiscalPolicy #ConsumerDemand #IndirectTaxes #GSTUpdates #IndiaFinance #RevenueTrends

In February 2024, India collected ₹1,68,337 crore in GST revenue, a 12.5% increase from February 2023. This growth was fuelled by a 13.9% rise in domestic GST and an 8.5% increase in GST from imports. After refunds, the net GST revenue for February 2024 stood at ₹1.51 lakh crore, showing a growth of 13.6% compared to the same period last year.

𝗚𝗦𝗧 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗦𝘂𝗿𝗴𝗲𝘀 𝟴.𝟱% 𝗬𝗼𝗬 𝘁𝗼 ₹𝟭.𝟴𝟮 𝗟𝗮𝗸𝗵 𝗖𝗿𝗼𝗿𝗲 𝗶𝗻 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 India's GST collections rose 8.5% year-on-year, reaching ₹1.82 lakh crore in November 2023, reflecting robust economic activity and improved compliance. The revenue from domestic transactions increased by 7%, while imports contributed a 10% boost. Central and state GST contributed ₹33,507 crore and ₹42,530 crore, respectively. This marks the fourth-highest monthly GST revenue since its inception, signaling sustained fiscal health for the government. #finance #news #GSTRevenue #IndiaEconomy #TaxCompliance Source:- https://lnkd.in/gdE-S7Dc

The Indian government has reported a Goods and Services Tax (GST) collection of ₹1.73 lakh crore for May 2024. This represents a 10% increase compared to the same month in the previous year. The rise is attributed to a surge in domestic transactions, which grew by 15.3% The breakdown of the GST collection for May 2024 is as follows: CGST: ₹32,409 crore SGST: ₹40,265 crore IGST: ₹87,781 crore (including ₹39,879 crore collected on imported goods) Cess: ₹12,284 crore (including ₹1,076 crore collected on imported goods) This growth in GST collection is a positive sign for the economy, indicating a robust increase in domestic business activities. #GST #GOODS #economies #nation #india #tax #CA #finance