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India’s Gross Goods and Services Tax (GST) collection in April 2024 was recorded as the highest-ever at Rs 2.10 lakh crore, marking a remarkable 12.4 per cent year-on-year growth, the Finance Ministry said in a statement on Wednesday.
This surge is attributed to a robust increase in both domestic transactions, witnessing a 13.4 per cent upsurge, and imports, showing an 8.3 per cent rise.
In March 2024, GST collections amounted to Rs 1.78 lakh crore, marking another notable figure in revenue generation. Prior to this, April 2023 held the record for the highest-ever GST collection, standing at Rs 1.87 lakh crore.
“After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1 per cent growth compared to the same period last year,” stated the Finance Ministry.
For the month of April, CGST stood at Rs 43,846 crore, while SGST reached Rs 53,538 crore. The Integrated Goods and Services Tax (IGST) for April 2024 amounted to Rs 99,623 crore, with Rs 37,826 crore generated from imported goods. Additionally, Cess figures reached Rs 13,260 crore, including Rs 1,008 crore from imported goods.
In terms of distribution, the central government allocated Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected during April 2024. Consequently, CGST’s total revenue for April 2024 reached Rs 94,153 crore, while SGST’s amounted to Rs 95,138 crore post-settlement.
Mizoram showcased significant growth in revenue, marking a remarkable 52 per cent increase with collections amounting to Rs 108 crore in April 2024. On the other hand, Karnataka led in GST revenue collection, reporting Rs 15,978 crore for the same period.
