India's GST System Hits Record High with ₹22.08 Lakh Crore Collection

India's Goods and Services Tax (GST) regime has reached a remarkable milestone in the fiscal year 2024-25, registering a record gross collection of ₹22.08 lakh crore. This figure represents a significant 9.4 percent increase compared to the previous year, marking the highest average monthly collection at ₹1.84 lakh crore since its inception in 2017, according to a Finance Ministry release.

The upward trend in GST collections—from ₹11.37 lakh crore in 2020-21 to ₹20.18 lakh crore in 2023-24—signals stronger economic activity and improved compliance. As of April 30, 2025, active GST registrations have surpassed 1.51 crore, indicating stronger engagement with the tax system.

The GST Council, established under the Constitution to guide policy, has been instrumental in refining the system. Chaired by the Union Finance Minister with state counterparts, the Council has convened 55 times since 2016, continually refining GST to be more business-friendly, as one of India's pivotal tax reforms.

Now in its eighth year, GST has streamlined multiple indirect taxations into a unified national framework, facilitating a cohesive market and reducing business overheads. Notably, small and medium enterprises have reaped benefits through simpler compliance and expedited refunds.

A Deloitte GST@8 survey highlights the system's robust industry support, with 85 percent of business leaders endorsing the GST for its streamlined tax processes and technological integration. Notably, SME support rose from 78 percent last year to 82 percent this year, emphasizing the system's growing acceptance.

As GST approaches its ninth year, it continues to evolve, prioritizing business ease, compliance enhancement, and economic expansion. (ANI)

(With inputs from agencies.)