Government collected ₹1.73 lakh crore from GST in March: This is the second biggest collection of FY 2024-25, 10% increase on yearly basis

The government has collected a record Rs 1.73 lakh crore from Goods and Services Tax (GST) in May 2024. This is the fourth highest GST collection ever collected in any month and the second highest GST collection of the financial year 2024-25. Earlier, the government had collected the highest Rs 2.10 lakh crore from GST in April 2024. Gross GST collection has increased by 10% on an annual basis. Top-5 GST collections GST collection shows the health of the economy GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection so far reflects a strong domestic economy. GST was implemented in 2017 GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many indirect taxes. GST has four slabs of 5, 12, 18 and 28%.

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