India’s GST revenue crosses Rs2-lakh cr in April 2024
02 May 2024
India’s gross revenue collection by way of Goods and Services Tax (GST) exceeded the Rs2 lakh crore-mark for the first time in April 2024, the opening month of the current fiscal, hitting a record Rs2.10 lakh crore.
This represents a 12.4 per cent year-on-year growth, and comes on the back of a 13.4 per cent jump in domestic transactions and an 8.3 per cent increase in imports.
Net revenue from GST (after refunds) for April 2024 stands at Rs1.92 lakh crore, which is a 15.5 per cent growth compared to April last year.
Gross CST collection for April 2024 included Central Goods and Services Tax (CGST) of Rs43,846 crore, State Goods and Services Tax (SGST) of Rs53,538 crore, Integrated Goods and Services Tax (IGST) of Rs99,623 crore (which include3 Rs37,826 crore on imported goods and Rs13,260 crore as cess (including Rs1,008 crore on imported goods).
Of the total IGST collection of Rs 99,623 crore, the centre settled Rs50,307 crore towards CGST and Rs41,600 crore towards SGST.
India’s monthly revenue collections from GST have steadily risen from levels below Rs1 lakh crore in 2017-18 to an average Rs1.51 lakh crore in 2022-23.
GST collection in April 2024 rose on the back of strong performance by northern States like UP, Punjab, Haryana and Delhi.
It may be noted that direct tax collections in the country also showed a significant increase of Rs13,000 crore over the revised budget estimates to Rs19.58 lakh crore for the 2023-24 fiscal – a sign of increased economic activity.