New Delhi: Driven by a strong increase in domestic transactions and imports, India’s gross Goods and Services Tax (GST) collections hit a record high in April 2024 and logged 12.4 per cent year-on-year growth at Rs 2.10 lakh crore during this period.
“After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year,” Finance Ministry said in a statement on Wednesday.
The gross GST revenue collected in the month of April, 2023 was Rs 1.87 lakh crore.
In the month of April 2024, the central government settled Rs 50,307 crore to Central Goods and Services Tax (CGST) and Rs 41,600 crore to State Goods and Services Tax (SGST) from the Integrated Goods and Services Tax (IGST) collected. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April, 2024 after regular settlement.
Out of total GST collection in April this year, CGST was Rs 43,846 crore while SGST was 53,538 crore.
As per official data, IGST during April this year stood at Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. The Cess collected during this period was Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
