In an impressive demonstration of economic resilience, the Gross Goods and Services Tax (GST) collections reached an unprecedented high of ₹2.10 lakh crore in April 2024. This accomplishment signifies a substantial 12.4% increase compared to the previous year, highlighting the robustness and effectiveness of India’s tax system.
The surge in GST collections can be attributed to a significant rise in both domestic transactions, up by 13.4%, and imports, which saw an 8.3% increase. After factoring in refunds, the net GST revenue for April 2024 stands impressively at ₹1.92 lakh crore, marking a remarkable 17.1% growth compared to the corresponding period last year. A detailed breakdown of the April 2024 collections indicates positive performance across various components:
- Central Goods & Services Tax (CGST) amounted to ₹43,846 crore.
- State Goods and Services Tax (SGST) totaled ₹53,538 crore.
- Integrated Goods and Services Tax (IGST) reached ₹99,623 crore, with ₹37,826 crore collected on imported goods.
- Cess collections amounted to ₹13,260 crore, including ₹1,008 crore collected on imported goods.
Furthermore, in April 2024, the central government allocated ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST pool. Following the customary settlement process, this distribution results in total revenues of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024.
The robust GST collections observed in April 2024 reflect a resilient economy and enhanced consumer confidence, underscoring India’s steady strides towards economic recovery and growth.
