HomeEconomyHighest Record of GST Collections in April 2024

Highest Record of GST Collections in April 2024

The Gross Goods and Services Tax (GST) collections surged to a historic high in April 2024, reaching ₹2.10 lakh crore. This remarkable achievement reflects a substantial year-on-year growth of 12.4%, propelled by robust increases in both domestic transactions (up 13.4%) and imports (up 8.3%). Following adjustments for refunds, the net GST revenue for April 2024 stood at ₹1.92 lakh crore, marking an impressive 17.1% growth compared to the same period last year.

Positive Performance Across Components

Here’s a breakdown of the April 2024 GST collections:

•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 (including ₹37,826 crore collected on imported goods)

•Cess: ₹13,260 crore (including ₹1,008 crore collected on imported goods)

•Inter-Governmental Settlement: During April 2024, the central government disbursed ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This resulted in a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024 after regular settlement.

The provided chart illustrates the trends in monthly gross GST revenues during the current year. Additionally, Table-1 presents the state-wise figures of GST collected in each State for April 2024 compared to April 2023, while Table-2 displays the state-wise figures of post-settlement GST revenue for each State for April 2024.

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