New Delhi: The Gross Goods and Services Tax (GST) collections hit a record high at Rs 2.10 lakh crore in April, growing 12.4 per cent on year-on-year basis, the Finance Ministry said in a statement on Wednesday. GST collection in March reached Rs 1.78 lakh crore. It's notable that the highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.
The growth was driven by a 13.4 per cent growth in domestic transactions and 8.3 per cent growth in imports. "The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. 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)," the ministry said.
After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year.
Breakdown of April 2024 collections:
- 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 collection: Rs 13,260 crore, including Rs 1,008 crore collected on imported goods
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