GST Collections reached to INR 2.10 lakh Cr in April 2024

GST Collections reached a historic peak of INR 2.10 lakh Cr in April 2024

• In April 2024, India’s Goods and Services Tax (GST) collections reached a historic peak of ₹2.10 lakh crore, marking a significant milestone in the country’s fiscal landscape. This represents a substantial year-on-year increase of 12.4%, driven primarily by robust growth in domestic transactions, which surged by 13.4%, and a notable rise in imports, up by 8.3%. Higher GST revenue enhances the government’s fiscal capacity to invest in infrastructure, social programs, and other development projects. The increase also suggests improvements in tax compliance and efficiency in the GST system.
• Total Goods and Services Tax Collection: ₹2.10 lakh crore, marking a 12.4% year-on-year growth.

Net GST Revenue: ₹1.92 lakh crore after refunds, showing a robust 17.1% increase.

– Components Breakdown:

• Central Goods and Services Tax : ₹43,846 crore
• State Goods and Services Tax : ₹53,538 crore
• Integrated Goods and Services Tax : ₹99,623 crore (including ₹37,826 crore from imports)
• Cess: ₹13,260 crore (including ₹1,008 crore from imports).
• Inter-Governmental Settlement: ₹50,307 crore to Central Goods and Services Tax and ₹41,600 crore to State Goods and Services Tax from IGST collected.
• When considering the net GST revenue, which accounts for refunds, the figures are equally impressive. The net GST revenue for April 2024 stands at ₹1.92 lakh crore, showcasing a remarkable growth of 17.1% compared to the same month last year. Total revenue for Central Goods and Services Tax & State Goods and Services Tax after settlement: ₹94,153 crore and ₹95,138 crore, respectively. This indicates a strong underlying economic activity and improved compliance, contributing to the higher revenue collections.
• The trends in monthly gross GST receipts for the current year are displayed in the chart below. The state-by-state breakdown of GST collected in each state in April 2024 compared to April 2023 is displayed in Table 1. The post-settlement GST revenue for the month of April, 2024, is broken down by state in Table 2.

• The Robust GST collections indicate healthy economic activity and a possible recovery or growth phase in various sectors. GST collections for April 2024 hit a record ₹2.10 lakh crore. This figure represents a 17.1% increase from the previous year. The record-breaking GST collections in April 2024 underscore the strength and resilience of the Indian economy.
• The significant year-on-year growth in both gross and net GST revenues highlights the positive impact of domestic and international trade activities. There was a significant 13.4% growth in domestic transactions. Import transactions grew by 8.3%. After refunds, the net GST revenue is ₹1.92 lakh crore, reflecting a 17.1% growth year-on-year. This trend bodes well for the country’s fiscal health and economic outlook.
• You can refer complete press Releases : link 
• Gross & Net GST revenue collections for the month of Sep, 2024

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