The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% 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 Rs 37,826 crore collected on imported goods; Cess: Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
Marking 12.4% Year-on-Year Growth: Ministry of Finance
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.
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The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of April, 2024 as compared to April, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State for the month of April, 2024.