India’s Goods and Services Tax (GST) collections have soared to record levels, reaching a historic high of Rs 2.1 lakh crore in April 2024. This milestone marks a 12.4% year-on-year growth, fueled by a surge in both domestic transactions and imports, according to a statement by the finance ministry released on May 1.
GST Revenue Collection Highest Ever In April
Why In News
- India’s Goods and Services Tax (GST) collections have soared to record levels, reaching a historic high of Rs 2.1 lakh crore in April 2024. This milestone marks a 12.4% year-on-year growth, fueled by a surge in both domestic transactions and imports, according to a statement by the finance ministry released on May 1.
All You Need To Know
- The government’s GST revenue in the corresponding period last year stood at Rs 1.87 lakh crore, indicating a significant uptick in economic activity despite the challenges posed by the global pandemic.
- “After accounting for refunds, the net GST revenue for April 2024 stands impressively at Rs 1.92 lakh crore, reflecting a remarkable 17.1 percent growth compared to the same period last year,” stated the ministry.
- The trajectory of monthly GST collections has been on a steady incline over the years. Commencing at under Rs 1 lakh crore per month in its inaugural year of 2017-18, the collections have witnessed a robust escalation, particularly in the aftermath of the pandemic-ridden fiscal year 2020-21, averaging at Rs 1.51 lakh crore in 2022-23.
- The upward trend in GST collections is further highlighted by the increase of 17.81% in gross collections in April 2024 compared to the preceding month, which saw a mop-up of Rs 1.78 lakh crore.
- Breaking down the April 2024 collections, the government received Rs 43,846 crore through central GST, Rs 53,538 crore via state GST, and Rs 99,623 crore through integrated GST, which includes Rs 37,826 crore collected on imported goods.
- Additionally, GST cess collections for the same period totalled Rs 13,260 crore, with Rs 1,008 crore accrued from imported goods.
- The efficient distribution mechanism was also evident as the central government settled Rs 50,307 crore to central GST and Rs 41,600 crore to state GST from the integrated GST collected in April 2024, resulting in a total revenue of Rs 94,153 crore for central GST and Rs 95,138 crore for state GST for the said month after regular settlement.
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