Gross Goods and Services Tax (GST) collections soared to a record high of Rs 2.10 lakh crore in April, marking a remarkable 12.4 per cent year-on-year growth, as per a Ministry of Finance statement.
The notable growth was driven by a strong increase in both domestic transactions, up by 13.4 per cent, and imports, which witnessed an 8.3 per cent spike.
After factoring in refunds, the net GST revenue for April 2024 reached Rs 1.92 lakh crore, showcasing an impressive 17.1 per cent growth compared to the same period last year.
The breakdown of April 2024 collections highlights positive performance across various components. Central Goods and Services Tax (CGST) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (SGST) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (IGST) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
Furthermore, cess collections reached Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
Moreover, the inter-governmental settlement process saw the central government disbursing Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement.
During the financial year 2023-24, total gross GST collection stood at Rs 20.18 lakh crore, marking an 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, which concluded in March 2024, was Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.
The surge in recent GST collections reflects a positive trajectory for India’s economy, highlighting robust domestic consumption and buoyant import activity. These figures augur well for the country’s fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties.
The Goods and Services Tax, implemented in India from July 1, 2017, ensured compensation to states for any revenue loss due to GST implementation as per the provisions of the GST (Compensation to States) Act, 2017, for a five-year period.
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