April GST collection soars past Rs.2 lakh crore for the first time, hits record high fuelled by imports
On Wednesday, Finance Minister Nirmala Sitharaman announced that the country’s gross GST revenue collection for April this year soared to the highest-ever level at Rs.2.10 lakh crore.
After accounting for refunds, the net GST revenue for April 2024 stands at Rs.1.92 lakh crore, reflecting an impressive 17.1 percent growth compared to the same period last year.
In the month of 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.
This represents a significant 12.4 percent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 percent) and imports (up 8.3 percent).
The Finance Ministry said that there has been a positive performance across components. The collections comprise — 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.
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