According to the latest data, the Gross Goods and Services Tax (GST) collections in April 2024 reached a record high of ₹2.10 lakh crore. This represents a significant year-on-year growth of 12.4%. The increase in collections can be attributed to a strong rise in both domestic transactions, which increased by 13.4%, and imports, which increased by 8.3%. After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive growth of 17.1% compared to the same period last year.
Positive Performance Across Components
The breakdown of the April 2024 GST collections is as follows:
- Central Goods and Services Tax (CGST): ₹43,846 crore
- State Goods and Services Tax (SGST): ₹53,538 crore
- Integrated Goods and Services Tax (IGST): ₹99,623 crore, including ₹37,826 crore collected on imported goods
- Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods
Inter-Governmental Settlement
In April 2024, the central government settled ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This translates to a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024 after regular settlement.
