GST collection in April 2024 breaks record, surge beyond Rs. 2 lakh crore

In April 2024, India witnessed a significant milestone in its economic landscape as the Gross Goods and Services Tax (GST) collections reached to an all-time high of Rs 2.10 lakh crore. This achievement marks a substantial 12.4% growth compared to the same month in the previous year. The remarkable surge in collections is attributed to a robust rise in both domestic transactions, which saw a 13.4% increase, and imports, which experienced an 8.3% uptick.

According to the Ministry of Finance, the net GST revenue for April 2024, after accounting for refunds, stands at an impressive Rs 1.92 lakh crore, showcasing a remarkable 17.1% growth compared to the corresponding period in the previous year.

Breaking down the April 2024 collections, it reveals a distribution across various categories:

• 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 Rs 37,826 crore collected on imported goods
• Cess: Rs 13,260 crore, including Rs 1,008 crore collected on imported goods