Central GST Collection in FY24 Hits 100.1% of Budgeted Estimate
India’s Central Goods and Services Tax (CGST) collection for FY 2023-24 has met the budgeted estimate, achieving 100.1%, according to the latest government data. This marks a continuation of strong GST revenue performance, following 108.9% collection in FY 2022-23.
Steady Performance Despite Economic Challenges
The data shows how CGST collection has fluctuated over recent years:
- 2019-20: 90.3% (Pre-pandemic period)
- 2020-21: 79.5% (Pandemic impact)
- 2021-22: 110.8% (Post-pandemic recovery)
- 2022-23: 108.9% (Strong growth)
- 2023-24: 100.1% (On target)
The revenue trends indicate that India’s indirect tax system is stabilizing, with businesses adapting to GST compliance norms and digital tax enforcement measures playing a role in improving collections.
Government’s Focus on GST Efficiency
The government has been actively working to strengthen GST enforcement, reduce tax evasion, and bring more businesses under the formal tax net. Several policy measures, including AI-driven tax monitoring, stricter return filing norms, and e-invoicing mandates, have contributed to better revenue realization.
Future Outlook
With continued economic expansion and digital integration of tax systems, experts predict that GST revenues will remain robust in the coming years. The government may also consider rationalizing GST slabs to further enhance tax compliance and ease of doing business.
While FY24 collections have met expectations, achieving sustained growth in indirect tax revenue will be key to India’s fiscal consolidation goals in the long run.
