In a significant achievement, the Gross Goods and Services Tax (GST) collections surged to an all-time high of ₹2.10 lakh crore in April 2024. This notable milestone marks a substantial 12.4% year-on-year growth, attributed to robust increases in both domestic transactions, up by 13.4%, and imports, up by 8.3%. After factoring in refunds, the net GST revenue for April 2024 stands impressively at ₹1.92 lakh crore, reflecting a remarkable 15.5% growth compared to the corresponding period last year.
The breakdown of the April 2024 collections is as follows:
- 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, which includes ₹37,826 crore collected on imported goods
- Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods.
During April 2024, the central government settled ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This translates to a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024 after regular settlement.
A breakdown of GST revenues collected in each state during April 2024 compared to April 2023 reveals dynamic growth patterns. Notably, states like Punjab, Delhi, and Bihar experienced substantial growth rates, with Punjab leading at 21%, followed closely by Delhi at 23%.
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The remarkable surge in GST collections for April 2024 underscores the resilience and vibrancy of the Indian economy. With consistent growth across various sectors and regions, the GST revenue milestone of ₹2.10 lakh crore sets a positive trajectory for future economic endeavours.
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