The Gross Goods and Services Tax or GST collections hit a record high in April 2024 at Rs 2.10 lakh crore, representing a crucial 12.4 per cent year-on-year growth. Experts believe it is driven by a strong increase in domestic transactions (13.4 per cent) and imports (up 8.3 per cent). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1 per cent growth compared to the same period last year.
Breakdown of April 2024 Collections
Central Goods and Services Tax (CGST): Rs 43,846 crore;
State Goods and Services Tax (SGST): Rs 53,538 crore;
Integrated Goods and Services Tax (IGST): Rs 99,623 crore, including Rs37,826 crore collected on imported goods;
Cess: Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
Inter-Governmental Settlement
In the month of April, 2024, the Central Government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the 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.
“The unprecedented milestone of surpassing Rs 2 lakh crore in GST collections for April 2024 shows the steadfast resilience of tax system amidst evolving economic landscapes. Every component of GST collection has contributed significantly. The CGST, SGST, IGST, and Cess segments have all demonstrated positive performance, further strengthening our fiscal position. The concerted efforts of the GST officials including zero tolerance for non-filers, coupled with rigorous measures to combat fake invoicing and the registrations has significantly bolstered GST collections in the state’s coffers,” said EY Tax Partner Saurabh Agarwal.
