India’s Goods and Services Tax (GST) collection hit a record high of Rs 2.1 lakh crore in April 2024
India’s Goods and Services Tax (GST) collection hit a record high of Rs 2.1 lakh crore in April 2024, reflecting a significant 12.4% year-on-year growth.
The total amount collected (gross) reached a whopping Rs 2.1 lakh crore, which is a 12.4% jump compared to April 2023. This strong growth is due to a rise in both domestic business activity (up 13.4%) and imports (up 8.3%).
Here’s a breakdown of the numbers:
- Gross collection in April 2024: Rs 2.1 lakh crore (record high)
- Year-on-year growth: 12.4%
- Net collection after refunds (April 2024): Rs 1.92 lakh crore (growth of 15.5% compared to April 2023)
This positive trend continues with a multi-year rise in GST collections. From an average below Rs 1 lakh crore per month in the first year (2017-18), collections have climbed steadily, reaching an average of Rs 1.51 lakh crore in 2022-23. April 2024 marks another milestone, exceeding the previous month’s (March 2024) collection of Rs 1.78 lakh crore by a significant 17.81%.
Northern States Power India’s Record GST Haul
The record-breaking GST collection in April 2024 can be partly attributed to a surge in tax revenue from northern states like Uttar Pradesh, Punjab, Haryana, and Delhi. This isn’t entirely surprising, according to Gunjan Prabhakaran, a partner and leader of Indirect Tax at BDO India. April’s GST collections typically see a rise because they reflect economic activity from March, the final month of the fiscal year in India.
- Total GST collected: Rs 2.1 lakh crore
- Central GST (CGST): Rs 43,846 crore
- State GST (SGST): Rs 53,538 crore
- Integrated GST (IGST): Rs 99,623 crore (includes Rs 37,826 crore from imported goods)
- GST cess: Rs 13,260 crore (includes Rs 1,008 crore from imported goods)
Finance Minister Nirmala Sitharaman celebrated this achievement by stating, “GST collections breach landmark milestone of Rs 2 lakh crore.”
Sharing the Wealth: Central Government Settles IGST Dues
The Finance Ministry explained how the central government distributes Integrated GST (IGST) collected on interstate transactions. In April 2024, they settled dues by paying:
- Rs 50,307 crore to the Central Goods and Services Tax (CGST).
- Rs 41,600 crore to the State Goods and Services Tax (SGST).
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This translates to a total post-settlement revenue of:
- Rs 94,153 crore for Central GST.
- Rs 95,138 crore for State GST.
Finance Minister Nirmala Sitharaman emphasized that this settlement ensures no outstanding dues are owed to the states.
