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Growth in business and imports have led to the surge, FinMin said
The Gross Goods and Services Tax (GST) collection for the month of April 2024 has scaled an all-time high figure of Rs 2.10 lakh crore, which marks a 12.4 per cent growth on a year-on-year basis. The total GST collection in April last year was Rs 1.87 lakh crore.
The net GST revenue recorded in April this year stood at Rs 1.92 lakh crore after refunds, which reveals a 17.1 per cent growth compared to the net GST intake recorded in April 2023.
Overall, total gross GST for the fiscal year 2023-’24 (FY24) stood at Rs 20.18 lakh crore. This is an improvement from the Rs 20 lakh crore figure that the previous fiscal recorded, and marks an 11.7 per cent increase. The average collection on a monthly basis in FY24 was Rs 1.68 lakh crore, up from the previous fiscal’s average of Rs 1.5 lakh crore.
The improved numbers this year are an outcome of a steady growth in business within India as well as imports, the Ministry of Finance said in a statement. While domestic business grew by 13.4 per cent, imports were up by 8.3 per cent.
Dissecting the GST collections of April 2024, one sees improvement across the board among the components of the tax. While Central Goods and Services Tax (CGST) collected Rs 43,846 crore, State Goods and Services Tax (SGST) brought in Rs 53,538 crore. Integrated Goods and Services Tax (IGST) accounted for Rs 99,623 crore, of which Rs 37,826 crore came from imported goods. Cess touched Rs 13,260 crore, which included Rs 1,008 crore from imported goods.
From the IGST collection, the central government disbursed Rs 50,307 crore to CGST and Rs 41,600 crore to SGST as part of inter-governmental settlement process. With this, CGST saw a total revenue of Rs 94,153 crore and collections of SGST stood at Rs 95,138 crore for the month of April 2024 post settlement.