India GST Collections Hit Record ₹2.10 Lakh Crore in April 2024

India’s gross GST collections surged to an all-time high of ₹2.10 lakh crore in April, registering a robust year-on-year growth of 12.4%. A significant rise in domestic transactions and imports primarily fueled this remarkable increase.

The finance ministry announced that GST collections had broken the ₹2 lakh crore barrier, marking a significant milestone for the nation’s fiscal landscape.

Details of Record-breaking GST Collections: 

According to the finance ministry, Gross Goods and Services Tax collections soared to ₹2.10 lakh crore in April 2024, representing a substantial growth of 12.4% compared to the previous year. This growth was mainly driven by a surge of 13.4% in domestic transactions and an 8.3% increase in imports.

In contrast, last year’s collections stood at over ₹1.78 lakh crore, while in April 2023, it amounted to ₹1.87 lakh crore, showcasing a significant leap in this year’s figures.

Net GST Collections Revenue after Refunds: 

After adjusting for refunds, the net GST revenue for April 2024 reached ₹1.92 lakh crore, demonstrating an impressive growth rate of 17.1% compared to last year.

Breakdown of April Collections:

• Central GST (CGST) collection for April totaled ₹43,846 crore.
• State GST (SGST) collection amounted to ₹53,538 crore.
• Integrated GST (IGST) reached ₹99,623 crore, including ₹37,826 crore collected on imported goods.
• Cess collection stood at ₹13,260 crore, including ₹1,008 crore collected on imported goods.

This surge in GST collections reflects the resilience and strength of India’s economy, underlining positive trends in both domestic economic activity and international trade.

Get all the latest news on Indian daily post