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
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