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GST collection hits record high of Rs 2.10 lakh crore in April

GST collection hits record high of Rs 2.10 lakh crore in April

The gross GST revenue collection for April this year soared to the highest ever level at Rs 2.10 lakh crore, Finance Minister Nirmala Sitharaman announced on Wednesday.This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent).After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1 per cent growth compared to the same period last year.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.

As part of the inter-governmental settlement for April, 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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