GST collections reach record high of ₹2.1L crore in April
India's Goods and Services Tax (GST) collections reached an all-time high in April 2024, with gross collections amounting to ₹2.1 lakh crore. This figure represents a year-on-year growth of 12.4%, as reported by the finance ministry on May 1. The increase is largely due to a significant rise in domestic transactions, which grew by 13.4%, and imports that saw an increase of 8.3%.
April 2024 GST revenue breakdown and comparison
The net GST revenue for April 2024, after adjusting for refunds, stands at ₹1.92 lakh crore, marking a significant growth of 17.1% compared to the previous year. In the same period last year, the government's GST collection was ₹1.87 lakh crore. The total collections in April were divided into ₹43,846 crore through central GST, ₹53,538 crore via state GST and integrated GST mop-up came in at ₹99,623 crore, including ₹37,826 crore collected on imported goods.
GST cess collections and revenue settlement in April 2024
GST cess collections for April were reported at ₹13,260 crore, which included ₹1,008 crore collected on imported goods. The finance ministry disclosed that "in the month of April, 2024, the central government settled ₹50,307 crore to central GST and ₹41,600 crore to state GST from the integrated GST collected." This resulted in a total revenue of ₹94,153 crore for central GST and ₹95,138 crore for state GST after regular settlement.
