Scaling new peaks! GST collections hit all-time high of Rs 2.10 lakh crore in April 2024
GST collections cross Rs 2 lakh crore! In April 2024, the Gross Goods and Services Tax (GST) collections reached an all-time high of Rs 2.10 lakh crore, marking a substantial 12.4% growth compared to the same month in the previous year. This impressive increase can be attributed to a robust rise in domestic transactions, which grew by 13.4%, and imports, which saw an 8.3% uptick. The net GST revenue for April 2024, after accounting for refunds, amounts to Rs 1.92 lakh crore, showcasing a remarkable 17.1% growth when compared to the corresponding period in the previous year, according to the release by Ministry of Finance.
The April 2024 collections can be broken down as follows:
- Central Goods and Services Tax (CGST): Rs 43,846 crore
- State Goods and Services Tax (SGST): Rs 53,538 crore
- Integrated Goods and Services Tax (IGST): Rs 99,623 crore, including Rs 37,826 crore collected on imported goods
- Cess: Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
As part of the inter-governmental settlement process in April 2024, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the collected IGST. Consequently, after the regular settlement, the total revenue for CGST and SGST in April 2024 stands at Rs 94,153 crore and Rs 95,138 crore, respectively.
The graph displays the monthly gross GST revenue patterns for the present year.
GST collections are seen as an important high-frequency indicator of the overall health of the Indian economy. Higher GST collections are indicative of underlying economic strength of the domestic economy in the face of global headwinds.