The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. It represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). "After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year," the finance ministry says.
April GST Revenue Breakdown:
Central Goods and Services Tax (CGST): ₹43,846 cr
State Goods and Services Tax (SGST): ₹53,538 cr
Integrated Goods and Services Tax (IGST): ₹99,623 cr, including ₹37,826 crore collected on imported goods
Cess: ₹13,260 crore, including ₹1,008 crore on imported goods
Inter-Governmental Settlement: The Centre 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.
The gross GST revenue for March 2024 witnessed the “second highest collection” ever at ₹1.78 lakh crore, with an 11.5% year-on-year growth on a significant rise in GST collection from domestic transactions.
The March GST revenue net of refunds stood at ₹1.65 lakh crore, which wa a growth of 18.4% over the same period last year. During the month, Ladakh received the highest 82% rise in the GST revenue, followed by Dadra and Nagar Haveli and Daman & Diu at 46% and Nagaland at 43%.
The GST revenue collection in February 2024 stood at ₹1,68,337 crore, up 12.5% from ₹1,49,577 crore in the same period last year. The gross GST revenue in January 2024 was ₹1,72,129 crore.
