PR No – 79
1st May, 2024
New Delhi
PHDCCI applauds India’s record GST collections in April 2024, showcasing the resilience & growth of Indian Economy, Sanjeev Agrawal, President, PHDCCI
With the robustness of the Indian Economy and the simplification of various clauses of the GST, the collections have shown remarkable growth. We appreciate that GST collections have crossed the Rs 2 lakh crore mark in the month of April 2024, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions, he said.
It’s heartening to witness India’s economic growth journey, as evidenced by the record GST collections in April 2024. This achievement speaks volume about India’s potential to emerge as the third-largest economy by 2030 and a developed economy by 2047, said Mr. Sanjeev Agrawal, President, PHDCCI.
The Government’s relentless efforts and strategic initiatives have resulted in a significant milestone in revenue generation through GST, reflecting the robust economic growth and fiscal discipline of the nation, added Mr Agrawal
Goods and Services tax has now actually become a Good and Simple Tax with the efforts of government, trade, and industry, said Mr. Agrawal.
Going ahead, an enhanced trajectory of GST collections will support public finances, improve the tax-to-GDP ratio, and strengthen our journey towards fiscal consolidation in the coming year, said Mr. Sanjeev Agrawal.
The improved fiscal scenario will have a strong positive impact on the capital market and foreign investment inflows, said Mr. Agrawal.
Mr. Agrawal further expressed confidence in the resilience of India’s economy and said that the PHDCCI believes that such robust GST collections will not only strengthen the government’s fiscal position but also provide a strong foundation for sustained economic recovery and growth.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry