The collections of the product and services tax (TPS) increased record in April, reaching RS 2.37 Lakh crores, according to official data published on Wednesday. This represents an increase of 12.6% compared to the same month of last year and marks the highest monthly collection since the creation of TPS in 2017. The solid performance in April regularly follows income in recent months, indicating the strengthening of interior and compliance efforts.
The latest figures show a continuation of the positive trend observed earlier in the year, with March collections amounting to Rs 1.96 Lakh crores, an increase of 9.9% compared to the previous year. February has seen income from the TPS of 1.83 Lakh crores, marking growth of 9.1% in annual shift, mainly drawn by high domestic demand. January also recorded RS 1.96 Lakh crores, reflecting an increase of 12.3%. These coherent gains highlight the resilience of India consumption models, tax revenue benefiting from commercial activity and increased compliance.
The sharp increase in TPS collections in April is widely allocated to end -of -year sales and increased commercial activities, companies, companies have closed their annual accounts. This period, which coincides with the end of the financial year, generally sees companies producing declarations and compensating contributions, increasing tax revenue. The Union budget had provided for an 11% increase in TPS revenues for the financial year, aimed at Rs 11.78 Lakh crosses the tax, including central TPS and remuneration, which involves a strong start from the financial year.
Regional performance varied considerably, with Lakshadweep leading with a 287% increase in collections, followed by a “other territory” to 160%. Among the States, the Arunachal Pradesh showed 66%significant growth, while Meghalaya and Nagaland increased by 50%and 42%, respectively. Larger states such as Haryana, Bihar and Gujarat have also displayed two -digit growth figures, reflecting wide economic momentum. Conversely, Andhra Pradesh, Tripipura and Mizoram experienced decreases, Mizoram showing the most steep drop to 28%.
“In the midst of the war of world prices, the disturbance caused by the odious attack on cashmere, and the related uncertainties, the growth of net income from 9.1% compared to last year shows the firm resolution of the country to keep the dream of the` `Viksit Bharat ”, in the midst of all chances. However, which stands for the accident variation in certain states.
In February, the collections of the goods and services tax experienced an increase of 9.1% to Rs 183,646 crosses, mainly driven by two -figure growth from national sources. In January, TPS collections reached Rs 1.96 Lakh crosses, showing an increase of 12.3% compared to the previous year. In December, the collections amounted to Rs 1.77 Lakh crore, reflecting growth of 7.3% in annual shift. This growth rate in December was slower compared to the 8.5% increase observed in November, which was awarded to the reduction of consumer spending after the holiday season.
In the budget, the government has planned 11% growth in TPS revenues for the year, with estimated collections of RS 11.78 Lakh crores, including central TPS and remuneration.
