{"id":30100,"date":"2024-05-01T18:16:27","date_gmt":"2024-05-01T18:16:27","guid":{"rendered":"https:\/\/todaysnews.in\/daily-updates\/?p=30100"},"modified":"2024-05-01T18:16:27","modified_gmt":"2024-05-01T18:16:27","slug":"indias-goods-and-services-tax-gst-collection-hit-a-record-high-of-rs-2-1-lakh-crore-in-april-2024","status":"publish","type":"post","link":"https:\/\/todaysnews.in\/daily-updates\/indias-goods-and-services-tax-gst-collection-hit-a-record-high-of-rs-2-1-lakh-crore-in-april-2024\/","title":{"rendered":"India&#8217;s Goods and Services Tax (GST) collection hit a record high of Rs 2.1 lakh crore in April 2024"},"content":{"rendered":"<p>India&#8217;s Goods and Services Tax (GST) collection hit a record high of Rs 2.1 lakh crore in April 2024<\/p>\n<p>India&#8217;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.<\/p>\n<p>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%).<\/p>\n<p>Here&#8217;s a breakdown of the numbers:<\/p>\n<ul>\n<li><strong>Gross collection in April 2024:<\/strong> Rs 2.1 lakh crore (record high)<\/li>\n<li><strong>Year-on-year growth:<\/strong> 12.4%<\/li>\n<li><strong>Net collection after refunds (April 2024):<\/strong> Rs 1.92 lakh crore (growth of 15.5% compared to April 2023)<\/li>\n<\/ul>\n<p>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&#8217;s (March 2024) collection of Rs 1.78 lakh crore by a significant 17.81%.<\/p>\n<p><strong>Northern States Power India&#8217;s Record GST Haul<\/strong><\/p>\n<p>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&#8217;t entirely surprising, according to Gunjan Prabhakaran, a partner and leader of Indirect Tax at BDO India. April&#8217;s GST collections typically see a rise because they reflect economic activity from March, the final month of the fiscal year in India.<\/p>\n<ul>\n<li><strong>Total GST collected:<\/strong> Rs 2.1 lakh crore<\/li>\n<li><strong>Central GST (CGST):<\/strong> Rs 43,846 crore<\/li>\n<li><strong>State GST (SGST):<\/strong> Rs 53,538 crore<\/li>\n<li><strong>Integrated GST (IGST):<\/strong> Rs 99,623 crore (includes Rs 37,826 crore from imported goods)<\/li>\n<li><strong>GST cess:<\/strong> Rs 13,260 crore (includes Rs 1,008 crore from imported goods)<\/li>\n<\/ul>\n<p>Finance Minister Nirmala Sitharaman celebrated this achievement by stating, &#8220;GST collections breach landmark milestone of Rs 2 lakh crore.&#8221;<\/p>\n<p><strong>Sharing the Wealth: Central Government Settles IGST Dues<\/strong><\/p>\n<p>The Finance Ministry explained how the central government distributes Integrated GST (IGST) collected on interstate transactions. In April 2024, they settled dues by paying:<\/p>\n<ul>\n<li>Rs 50,307 crore to the Central Goods and Services Tax (CGST).<\/li>\n<li>Rs 41,600 crore to the State Goods and Services Tax (SGST).<\/li>\n<\/ul>\n<p>Also read : <a href=\"https:\/\/todaysnews.in\/daily-updates\/whatsapp-vs-india-messaging-giant-threatens-exit-over-encryption-clash\/\">WhatsApp Vs. India: Messaging Giant Threatens Exit over Encryption Clash<\/a><\/p>\n<p>This translates to a total post-settlement revenue of:<\/p>\n<ul>\n<li>Rs 94,153 crore for Central GST.<\/li>\n<li>Rs 95,138 crore for State GST.<\/li>\n<\/ul>\n<p>Finance Minister Nirmala Sitharaman emphasized that this settlement ensures no outstanding dues are owed to the states.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s Goods and Services Tax (GST) collection hit a record high of Rs 2.1 lakh crore in April 2024 India&#8217;s Goods and Services Tax (GST)<\/p>\n","protected":false},"author":1,"featured_media":30101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[52],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India&#039;s Goods and Services Tax (GST) collection hit a record high of Rs 2.1 lakh crore in April 2024 - 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