GST collections breach landmark milestone of ₹2 lakh crore, Gross Revenue Records 12.4% y-o-y growth
GN Bureau | May 1, 2024
The gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%).
After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year, an official release said Wednesday.
Breakdown of April 2024 Collections:
* Central Goods and Services Tax (CGST): ₹43,846 crore;
*State Goods and Services Tax (SGST): ₹53,538 crore;
* Integrated Goods and Services Tax (IGST): ₹99,623 crore, including ₹37,826 crore collected on imported goods;
* Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods.
Inter-Governmental Settlement: In the month of April, 2024, the central government settled ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This translates to a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April, 2024 after regular settlement.
The chart shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of April, 2024 as compared to April, 2023.
For a table showing the state-wise figures of post settlement GST revenue of each state for April, 2024, pls click here: https://pib.gov.in/PressReleasePage.aspx?PRID=2019262
The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday approved the Ahmedabad (Sarkhej) – Dholera Semi High-Speed Double Line project of Ministry of Railways with total cost of Rs. 20,667 crore (approx.). It will be Indian Railways 1st semi high-speed project
The Indian Ocean is becoming increasingly contested and strategically significant as the Indo-Pacific emerges as the defining geopolitical theatre of the 21st century, Vice Admiral Krishna Swaminathan, Flag Officer Commanding-in-Chief of the Western Naval Command, has said. Spe
India has a particular form of governance theatre: the bold declaration that appears to be action but is actually a way of avoiding action. The Union Cabinet on May 5 approved a Bill to increase the sanctioned strength of the Supreme Court from 34 to 38. The decision has been touted as a step toward judici
The Foundation Of A Fulfilling Life: Lessons from Indian Scriptures Deepam Chatterjee Aleph Books, 264 pages, Rs 899
The international order is drifting into a dangerous grey zone as the very powers that built today`s multilateral system begin to chip away at it. The United States has increasingly walked away from global rules and forums when they no longer suit its interests, while China has rushed to fill the vacuum on
Prime minister Narendra Modi on Thursday saluted the courage, precision and resolve of the armed forces on the completion of one year of Operation Sindoor. The PM said that the armed forces had given a fitting response to those who dared to attack innocent Indians at Pahalgam.&
