Key Points
With the mop up from the goods and services tax (GST) expected to have exceeded the Revised Estimate for FY24, the government may look at hiking the targets presented in the interim Budget for FY25 at the time of the full Budget in July..
According to official data released by the finance ministry on April 1, gross GST collections in FY24 exceeded Rs 20 lakh crore and came in at Rs 20.18 lakh crore, while on a net basis it was Rs 18.1 lakh crore..
The Government of India had targeted GST receipts of Rs 9.6 lakh crore in FY24RE, and it is likely that it may have achieved its target (about 94% of half of annual GST receipts were retained by the GoI in the last two years, said the Ecoscope Report by Motilal Oswal Financial Services...
If so, we could see GST collections of Rs 2-2.1 lakh crore in April 2024, implying a growth of 10-11% year on year in the month, which is usually the best month of the year, it said, while warning that if achieved, one must not get carried away by a new record high monthly collection...
With the CGST collections surpassing the FY2024 RE, the implicit growth needed to meet the Interim Budget Estimate for FY2025 has come down to single-digits, which appears likely to be exceeded, she said.. DK Srivastava, Chief Policy Advisor, EY India noted that the GST revenues are now able to show the revenue buoyancy expected at the time of its roll out..
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GST collections in March jump 13% to Rs 1.6 lakh crore
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