Record GST and UPI growth, vehicle sales up by 27%; West Asia conflict has no impact in India

KOCHI: Even as the West Asian conflict triggered fears of a global economic slowdown, India has shown strong economic performance. The country recorded a surge in GST collections, UPI transactions, and car sales last month.

GST collections in April reached a record high of Rs 2.43 lakh crore, the highest ever. UPI transactions also saw a sharp rise, touching 2,235 crore transactions, marking a 25% growth. The total value of these transactions stood at Rs 29.03 lakh crore, reflecting a 21% year-on-year increase. Vehicle sales in April rose by 27% to 4.5 lakh units, with SUVs leading the segment. Despite rising fuel prices due to the Iran conflict and a dip in exports, domestic consumption remained largely unaffected.

Import revenue rises by 25.8%

• GST revenue increased by 8.7% to Rs 2.43 lakh crore
• GST collection in April last year was Rs 2.23 lakh crore
• Import revenue rose by 25.8% to Rs 57,580 crore
• Domestic revenue grew by 4.3% to Rs 1.85 lakh crore

India's UPI leads globally

• India’s UPI has become the world’s largest real-time payment platform
• UPI was launched on April 11, 2016, with just 376 transactions in its first month
• In 2016–17, transaction value was only Rs 0.07 lakh crore
• In the last financial year, it grew nearly 4,000 times to Rs 314 lakh crore