GST revenue collection in April 2024 highest ever at Rs 2.1 lakh crore

Gross Goods and Services Tax (GST) collections increased to a record high of Rs 2.10 lakh crore in the month of April. GST collection has also registered an increase of 12.4 percent year-on-year.

According to a Finance Ministry statement, the growth was driven by a 13.4 per cent rise in domestic transactions and an 8.3 per cent rise in imports.

After accounting for refunds, net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showing an impressive growth of 17.1 per cent over the same period last year.

Analysis of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (CGST) collections stood at Rs 43,846 crore, while State Goods and Services Tax (SGST) collections stood at 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.

Additionally, cess collection reached Rs 13,260 crore, which includes Rs 1,008 crore collected on imported goods.

Further, in the inter-government settlement process the Central Government distributed Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the collected IGST. This resulted in a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement.

The total gross GST collection during the financial year 2023-24 was recorded at Rs 20.18 lakh crore, an increase of 11.7 per cent over the previous financial year which was more than Rs 20 lakh crore. The average monthly collection for this financial year ending March 2024 stood at Rs 1.68 lakh crore, which is more than last year’s average of Rs 1.5 lakh crore.

The recent growth in GST collections reflects a positive trajectory for India’s economy, underpinned by strong domestic consumption and intense import activity. These figures bode well for the country’s financial health and economic recovery efforts, indicating resilience amid global uncertainties.

The Goods and Services Tax was implemented in the country from July 1, 2017, and states are assured compensation for any loss of revenue arising due to the implementation of GST as per the provisions of the GST (Compensation to States) Act. Was. 2017 for a period of five years.