New Delhi, June 30, 2025 — In a significant indicator of India’s economic momentum and improved tax compliance, gross Goods and Services Tax (GST) collections for the financial year 2024–25 have reached an all-time high of ₹22.8 lakh crore, according to official data released by the Ministry of Finance.
This marks a twofold increase in just five years. Back in 2020–21, the total GST revenue stood at ₹11.37 lakh crore. The average monthly GST collection for the current fiscal year now clocks in at ₹1.84 lakh crore, reflecting steady consumption patterns, greater formalization of the economy, and ongoing improvements in tax administration.
Stronger economic activity across sectors such as services, manufacturing, and e-commerce.
Increased tax compliance due to the rollout of digital tracking, e-invoicing, and GST analytics tools.
Widening of the GST base, including formalization of small and medium businesses.
Efficient enforcement mechanisms including targeted audits and system-generated notices.
📌 Policy Impact
Experts note that these record collections signal macro-economic resilience, despite global uncertainties. The GST Council’s regular reviews, rate rationalization, and technological upgrades have been instrumental in making India’s indirect tax system more robust and transparent.
But only a fraction belongs to individuals — corporate, institutional flows drive the spike
New Delhi | June 20, 2025 — In a financial development drawing attention from both economists and policymakers, Indian funds parked in Swiss banks surged more than threefold in 2024, reaching an estimated ₹37,600 crore (CHF 4.3 billion), according to official data released by Switzerland’s central bank. But while the headline figure is dramatic, a deeper look reveals that only a small portion — less than one-tenth — represents individual customer deposits.
The sharp rise reflects a jump in institutional and corporate flows, as well as increased holdings through securities, bonds, and other financial instruments — not personal wealth or black money, as often assumed in public discourse.
Breakdown of the ₹37,600 crore figure:
Individual deposits: Just around ₹3,400 crore
Fiduciary and institutional holdings: The bulk of the amount, over ₹34,000 crore
Securities & bonds: A major share, likely due to Indian entities using Swiss banking services for international financing and asset management
“It’s important to distinguish between legitimate international financial operations and personal wealth transfers,” said a senior RBI official familiar with global fund movements.
🏦 What Does ‘Indian Money in Swiss Banks’ Really Mean?
The Swiss National Bank (SNB) publishes annual data that reflects the liabilities of Swiss banks towards Indian clients, including:
Deposits by Indian individuals, companies, or financial institutions
Holdings in securities and bonds
Funds held via fiduciary accounts
Crucially, the figures do not include non-resident Indians (NRIs) holding funds through entities based outside India, nor do they imply illegal holdings.
🧾 Government Response and Clarification
The Ministry of Finance responded quickly to the public reaction, emphasizing that the rise does not reflect a surge in illicit funds or unaccounted wealth. Most of the increase is attributable to legitimate transactions by Indian corporations, investment firms, and foreign subsidiaries.
In fact, the Indian government has been actively cooperating with Swiss authorities since 2018 under Automatic Exchange of Information (AEOI) agreements, enabling tax authorities to track account details of Indian citizens abroad.
“Every year, tax authorities receive detailed data on Indian accounts in Swiss banks, leaving little room for secrecy,” a spokesperson from the Central Board of Direct Taxes (CBDT) stated.
📈 Historical Context: A Volatile Trend
This is not the first time Indian funds in Swiss banks have fluctuated significantly:
2020: Sharp decline due to COVID and global banking contraction
2021–22: Modest recovery
2023: Slight drop amid global tightening
2024: Over 3x surge, driven by institutional investment
Analysts caution against interpreting the rise as a return of so-called “black money,” and instead point to greater globalization of Indian capital and trade-linked financial activity.
🧐 So, Is There Cause for Concern?
Experts say not necessarily — though transparency and monitoring remain key.
“Large numbers always stir emotions, but the real story is that Indian companies are becoming more global and sophisticated in how they manage capital,” said Devina Mehta, economist at a leading Indian think tank.
That said, scrutiny of financial flows and enforcement of tax laws must continue to ensure compliance and discourage misuse.
✅ In Summary:
₹37,600 crore: Indian money in Swiss banks as of 2024
Less than 10% is from personal deposits
Majority driven by corporate, fiduciary, and institutional flows
Authorities stress legality and ongoing data-sharing mechanisms
