April GST collection up 12.4% breaches ₹2 lakh cr mark for the first time

Breaching the ₹2 lakh cr mark for the first time, GST revenue for the month of April touched record level of ₹2.10 lakh crore, registering 12% year-on-year (YoY) growth over ₹1.87 lakh crore in April 2023.

“The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹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 ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year,” the ministry of finance said in a release.

Central Goods and Services Tax (CGST) collection for the month stood at ₹43,846 crore, State Goods and Services Tax (SGST) collection stood at ₹53,538 crore, while Integrated Goods and Services Tax (IGST) stood at ₹99,623 crore, including ₹37,826 crore collected on imported goods. The cess component stood at ₹13,260 crore.

“In the month of 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,” the ministry said.