GST
India’s Goods and Services Tax (GST) collections reached an all-time high of Rs 2.1 lakh crore in April 2024, recording 12.4% year-on-year growth, the Finance Ministry announced on May 1. This increase was fueled by a robust rise in domestic transactions, which grew by 13.4%, and imports, which saw an 8.3% increase.
In comparison, the GST collections in April 2023 stood at Rs 1.87 lakh crore. After accounting for refunds, the net GST revenue for April 2024 was Rs 1.92 lakh crore, reflecting an impressive 15.5% growth over the same period last year.
Breaking down the April 2024 gross collections, the government raised:
Additionally, GST cess collections amounted to Rs 13,260 crore, with Rs 1,008 crore coming from imported goods.
Finance Minister Nirmala Sitharaman hailed the record-breaking milestone, stating on X, “GST collections breach landmark milestone of Rs 2 lakh crore.”
The April GST collections represent a 17.81% increase compared to March 2024, when Rs 1.78 lakh crore was collected. Historically, April has been a strong month for GST collections as it reflects the economic activity of March, the fiscal year’s final month.
Commenting on the development, Gunjan Prabhakaran, Partner and Leader, Indirect Tax at BDO India, said, “The all-time high GST collection in April 2024 has come on the back of strong growth in collections from northern states like Uttar Pradesh, Punjab, Haryana, and Delhi. April has traditionally been a high collection month, with the previous record also achieved in April 2023.”
The central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. After the settlements, the total revenue for April 2024 stood at Rs 94,153 crore for CGST and Rs 95,138 crore for SGST. The Finance Minister emphasized that with this settlement, there are no pending GST dues to states.
Since its implementation in 2017, GST collections have steadily increased. The average monthly GST collection was under Rs 1 lakh crore in 2017-18 but rose to Rs 1.51 lakh crore in 2022-23, showcasing the system’s strengthening over the years.
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