Indian gov't says record goods and services tax collected in April

  • World
  • Thursday, 02 May 2024

NEW DELHI, May 1 (Xinhua) -- India's finance ministry Wednesday said a record 25.16 billion U.S. dollars were collected as gross goods and services tax (GST) in April.

"This represents a significant 12.4 percent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 percent) and imports (up 8.3 percent)," the ministry said in a statement.

After accounting for refunds, the net GST revenue for April 2024 stands at 1.92 trillion rupees (23 billion dollars), reflecting an impressive 15.5 percent growth compared to the same period last year, it said.

According to the ministry, it is the first time the GST collections breached a landmark milestone of 2 trillion rupees (23.9 billion dollars).

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