In April, Gross Goods and Services Tax (GST) collections hit an all-time high of ₹2.10 lakh crore. This marked a 12.4% increase compared to the same period last year. The Ministry of Finance attributed this growth to strong growth in both domestic transactions, up by 13.4%, and imports, which saw an 8.3% increase.
GST revenue collection highest ever for April 2024
In April 2024, India’s Goods and Services Tax (GST) collections hit a record high of ₹2.10 lakh crore. This was a significant increase of 12.4% compared to the same month last year. After refunds were taken into account, the net GST revenue for April 2024 stood at ₹1.92 lakh crore, showing a strong growth of 17.1% year-on-year.
Breaking it down, Central Goods and Services Tax (CGST) collections reached ₹43,846 crore, while State Goods and Services Tax (SGST) collections amounted to ₹53,538 crore. Integrated Goods and Services Tax (IGST) collections totalled ₹99,623 crores, including ₹37,826 crore collected on imported goods.
The central government used the IGST collected to pay ₹50,307 crore to the CGST and ₹41,600 crore to the SGST as part of the intergovernmental payment process. After routine settlement, this resulted in a total income of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024.
Throughout the financial year 2023-24, the total gross GST collection amounted to ₹20.18 lakh crore, marking an 11.7% increase compared to the previous fiscal year. The average monthly collection for this fiscal year stood at ₹1.68 lakh crore, surpassing the previous year’s average of ₹1.5 lakh crore.
These strong GST collections indicate positive trends in India’s economy, showing good domestic consumption and amazing import activity. This is a good sign for the country’s financial health and efforts towards economic recovery during the global recession.
? #GST revenue collection for April 2024 highest ever at Rs 2.10 lakh crore
? #GST collections breach landmark milestone of ₹2 lakh crore
? Gross Revenue Records 12.4% y-o-y growth
? Net Revenue (after refunds) stood at ₹1.92 lakh crore; 17.1% y-o-y growth https://t.co/aSUkhMyMLr
— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 1, 2024
