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May 1, 2024

GST Collections Surge to Record Rs 2.10 Trillion in April 2024, Marking 12.4% Growth

In April 2024, India’s gross goods and services tax (GST) collections soared to an unprecedented high of Rs 2.10 trillion, marking a remarkable 12.4% year-on-year growth, as announced by the Ministry of Finance. This surge is attributed to a robust increase in both domestic transactions, up by 13.4%, and imports, showing an 8.3% rise.

After adjusting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 trillion, reflecting a significant 17.1% growth compared to the same period last year.

In the breakdown for April, the Central Goods and Services Tax (CGST) stood at Rs 43,846 crore, while the State Goods and Services Tax (SGST) was recorded at Rs 53,538 crore. The Integrated Goods and Services Tax (IGST) reached Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, Cess was recorded at Rs 13,260 crore, with Rs 1,008 crore collected on imported goods.

Inter-Governmental Settlement

During April 2024, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after the regular settlement.

State-wise GST Revenue Collection

Mizoram saw the highest percentage growth in revenue at 52%, with Rs 108 crore collected in April 2024. On the other hand, Karnataka recorded the highest GST revenue collection at Rs 15,978 crore.

This surge in GST collections reflects a growing economic activity across the country, indicating positive trends in both domestic and international trade. It also showcases the effectiveness of GST reforms in streamlining tax processes and widening the tax base.

The substantial increase in revenue across states, particularly in Mizoram, underscores the broad-based nature of this economic growth. This growth not only contributes to the national treasury but also supports state-level developmental initiatives.

The inter-governmental settlement mechanism ensures equitable distribution of GST revenue among the central and state governments, fostering cooperative federalism and enabling states to meet their fiscal responsibilities effectively.

Looking ahead, sustained efforts to bolster economic activity, improve tax compliance, and streamline GST processes will be crucial to maintaining this growth trajectory and fostering a conducive environment for businesses to thrive.

Jhumpa Lahiri

Jhumpa Lahiri

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