GST collection hits record high of Rs 2.10 lakh crore in April.
India's GST collections hit record high at Rs 2.10 lakh crore in April, driven by domestic transactions.
India saw its gross Goods and Services Tax (GST) collections surge to an all-time high of Rs 2.10 lakh crore in April, according to data released by the Finance Ministry on May 1. This increase, attributed chiefly to a 13.4 percent year-on-year uptick in domestic transactions and improved compliance due to anti-evasion measures, marked a 12.4 percent rise in gross GST collections.
This April figure represents the highest GST collection since the inception of the indirect tax regime in July 2017, surpassing the previous record of Rs 1.87 lakh crore in April 2023, which reflected the year-end sales of March 2023. After factoring in refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, indicating a 15.5 percent increase compared to the same period last year.
The Finance Ministry noted, "The Gross Goods and Services Tax (GST) collections achieved a historic milestone in April 2024, reaching Rs 2.10 lakh crore. This marks a substantial 12.4 percent year-on-year growth, propelled by robust domestic transactions (up 13.4 percent) and imports (up 8.3 percent)." In the previous month, the net GST revenue, accounting for refunds, had surged by 18.4 percent to Rs 1.65 lakh crore. For the full fiscal year 2023-24, net GST revenue amounted to Rs 18.01 lakh crore, reflecting a growth of 13.4 percent over the corresponding period of the previous year.
In April, among the 38 states/union territories (including the Centre's jurisdiction), 19 states/UTs recorded higher GST collection growth rates exceeding the national average of 12.4 percent.
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