April Showers Gold: India's GST Collections Hit All-Time High Of Rs 2.10 Lakh Crore

India's GST collection has risen by over 12 per cent to touch Rs 2.10 lakh crore in April, the highest since the inception of the tax regime in 2017.

The growth in GST collection is driven by an uptick in domestic transactions and 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 Finance Ministry said in a statement on Wednesday (1 May).

After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting a 17.1 per cent growth compared to the same period last year, the ministry added.

Out of the total GST collection, CGST comprises Rs 43,846 crore, SGST is Rs 53,538 crore, IGST is Rs 99,623 crore (including Rs 37,826 crore collected on imported goods) and cess is Rs 13,260 crore, (including Rs 1,008 crore collected on imported goods).

The government has 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.

The top three states in GST revenue collection for the month includes Maharashtra (Rs 37,671 crore), Karnataka (Rs 15,978 crore), and Gujarat (Rs 13,301 crore).

Notably, Uttar Pradesh, with a GST collection of Rs 12,290 crore, has surpassed Tamil Nadu (Rs 12,210 crore), according to the ministry data.

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