In a remarkable development, the Gross Goods and Services Tax (GST) collections for April 2024 soared to a historic high of ₹2.10 lakh crore, showcasing a robust 12.4% increase compared to the same period last year. This substantial growth can be attributed to a surge in both domestic transactions, up by 13.4%, and imports, which rose by 8.3%.
Following adjustments for refunds, the net GST revenue for April 2024 stands impressively at ₹1.92 lakh crore, indicating a remarkable 15.5% surge from the corresponding period in the previous year.
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Breakdown of April 2024 Collections
- 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, with ₹37,826 crore collected on imported goods.
- Cess: ₹13,260 crore, including ₹1,008 crore from imported goods.
- Inter-Governmental Settlement: During April 2024, the central government disbursed ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This led to a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024 post-settlement.
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