GST revenue collection crosses Rs 2.10 lakh crore in April

The 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%). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.

Inter-Governmental Settlement: In April 2024, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement.

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• Central Goods and Services Tax (CGST): Rs 43,846 crore;
• State Goods and Services Tax (SGST): Rs 53,538 crore;
• Integrated Goods and Services Tax (IGST): Rs 99,623 crore, including Rs 37,826 crore collected on imported goods;
• Cess: Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.

The respective collection breakdown is for April month. Moreover, Gross Revenue recorded 12.4% y-o-y growth in FY24-25.

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