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Gross Goods and Services Tax (GST) collections surged to a record high of ₹2.10 lakh crore in the month of April. The GST collection has also registered a 12.4 per cent year-on-year growth.
The Gross Goods and Services Tax (GST) collections surged to a record high of ₹2.10 lakh crore in April month. According to a statement by the Ministry of Finance, the growth was propelled by a robust uptick in both domestic transactions, which rose by 13.4 per cent, and imports, witnessing an 8.3 per cent spike.
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After accounting for refunds, the net GST revenue for April 2024 stood at ₹1.92 lakh crore, showcasing an impressive 17.1 per cent growth compared to the corresponding period last year.
The breakdown of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (CGST) recorded collections of ₹43,846 crore, while State Goods and Services Tax (SGST) collections amounted to ₹53,538 crore. Integrated Goods and Services Tax (IGST) collections totaled ₹99,623 crore, including ₹37,826 crore collected on imported goods.
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Additionally, cess collections reached ₹13,260 crore, which included ₹1,008 crore collected on imported goods.
Furthermore, the inter-governmental settlement process saw the central government disbursing ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This resulted in total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024 after regular settlement.
During the financial year 2023-24 the total gross GST collection recorded at ₹20.18 lakh crore, exceeding ₹20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, that ended in March 2024 stood at ₹1.68 lakh crore, surpassing the previous year's average of ₹1.5 lakh crore.
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The surge in recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties.
The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)
