Gross Goods and Services Tax (GST) collections surged to a record high of Rs 2.10 lakh crore in the month of April, registering a 12.4 per cent year-on-year growth.
The Ministry of Finance attributed the rise in GST collection to a robust uptick in both domestic transactions, up by 13.4 per cent, and imports, which witnessed an 8.3 per cent spike.
After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 15.5 per cent growth compared to the corresponding period last year.
The breakdown of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (CGST) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (SGST) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (IGST) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
During the financial year 2023-24 the total gross GST collection recorded at Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, that ended in March 2024 stood at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.
The surge in recent GST collections reflects a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country’s fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties.
The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
(ANI)