India’s Goods and Services Tax (GST) collections hit a record high of Rs 2.10 lakh crore in April, marking a significant 12.4% increase compared to the same period last year, as reported by a national news agency on Wednesday.
The fiscal year’s monthly average collection stood at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.
After refunds, the net GST revenue for April 2024 reached Rs 1.92 lakh crore, showcasing an impressive 17.1% growth compared to the corresponding period last year.
A detailed breakdown of April 2024 collections revealed positive performance across various components. Central Goods and Services Tax (CGST) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (SGST) collections amounted to Rs 53,538 crore.
Integrated Goods and Services Tax (IGST) collections totalled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
Additionally, cess collections reached Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
Furthermore, the inter-governmental settlement process witnessed the central government disbursing Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected.
This resulted in total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement.
Reflecting on the broader fiscal landscape, the financial year 2023-24 witnessed total gross GST collections reaching Rs 20.18 lakh crore, marking an 11.7% increase compared to the previous fiscal year.
This surge in recent GST collections signals a positive trajectory for India’s economy, highlighting robust domestic consumption and buoyant import activity.
Introduced on July 1, 2017, the GST has played a pivotal role in simplifying India’s indirect tax structure and continues to contribute significantly to the country’s fiscal growth and development.
