India`s gross GST collections hit record high in April 2024 at Rs 2.10 lakh crore
Breaching a landmark milestone, the finance ministry in its latest data report has showed that India’s 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%).
The collection was over Rs 1.78 lakh crore last month (March 2024), while it was Rs 1.87 lakh crore in April, 2023. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, reflecting an impressive 15.5 per cent growth compared to the same period last year.
Of the total GST collection, Central GST (CGST) was Rs 43,846 crore; State GST (SGST) stood at Rs 53,538 crore; Integrated GST (IGST) was Rs 99,623 crore, including Rs 37,826 crore collected on imported goods; Cess stood at Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
