India's Goods and Services Tax (GST) collections in gross terms hit a record high in April 2024 at Rs 2.1 lakh crore. This represents a 12.4 percent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 percent) and imports (up 8.3 percent), finance ministry said in a statement on May 1. The government had collected Rs 1.87 lakh crore as GST in the same period last year.
"After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 15.5 percent growth compared to the same period last year," the ministry said.
Monthly GST collections have risen over the years. From averaging under Rs 1 lakh crore per month in 2017-18 - its first year - collections rose rapidly after the pandemic-hit 20202-21 to average Rs 1.51 lakh crore in 2022-23.
Gross collections in the first month of FY25 was also 17.81 percent higher versus the mop-up in March of Rs 1.78 lakh crore.
"The all-time high GST collection in April 2024 has come on the back of strong growth in collections from northern States like UP, Punjab, Haryana, Delhi etcetera. The GST collection in April month has traditionally been higher (the previous highest GST collection was also achieved in April 2023), given that it reflects the economic activity in the month of March, which is the last month of the fiscal year," said Gunjan Prabhakaran, Partner and Leader, Indirect Tax, BDO India.
Out of the total collections in April 2024, the government garnered Rs 43,846 crore via central GST, Rs 53,538 crore through state GST, and the integrated GST mop-up came in at Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
GST cess collections for the previous month stood at Rs 13,260 crore, which included Rs 1,008 crore collected on imported goods.
"GST collections breach landmark milestone of Rs 2 lakh crore," Finance Minister Nirmala Sitharaman posted on social media platform X (formerly Twitter).
"In the month of April, 2024, the central government settled Rs 50,307 crore to central GST and Rs 41,600 crore to state GST from the integrated GST collected. This translates to a total revenue of Rs 94,153 crore for central GST and Rs 95,138 crore for state GST for April 2024 after regular settlement," the ministry said.
Finance Minister Nirmala Sitharaman added that with this integrated GST settlement there are no dues pending to the states.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
