GST collection for April 2024 highest ever at Rs 2.10 lakh crore. Gross Revenue Records 12.4% y-o-y growth. Net Revenue (after refunds) stood at ₹1.92 lakh crore; 15.5% y-o-y growth.
GST Collection in April 2024: In a remarkable feat, April 2024 witnessed the highest-ever GST revenue collection, soaring to an impressive ₹2.10 lakh crore. This milestone marks a momentous 12.4% year-on-year growth, highlighting the robust economic activity in the country.
According to the latest press release from the Ministry of Finance on May 1st, 2024, the surge in GST collections can be attributed to a substantial increase in both domestic transactions, up by 13.4%, and imports, which saw an 8.3% rise compared to the previous year.
Breaking down the figures, the net GST revenue for April 2024 stands tall at ₹1.92 lakh crore after accounting for refunds, showcasing a remarkable 15.5% growth from the corresponding period last year.
Breakdown of the 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, with ₹37,826 crore collected on imported goods
Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods
Inter-Governmental Settlement:
During April 2024, the central government disbursed ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This equitable settlement resulted in a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for the month, post regular settlement.
The chart below illustrates the monthly trends in gross GST revenues for the current year.
In summary, this extraordinary achievement in GST collection underscores the resilience and vibrancy of the Indian economy, paving the way for continued growth and development.
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