Rama Krishna Sangem
The gross goods and services tax (GST) collections for April 2024 reached a record high of Rs 2.10 trillion (Rs 2.10 lakh crore), marking a remarkable 12.4 per cent year-on-year growth, the Ministry of Finance said on May 1, Wednesday. This is a new record since the new taxation came into force seven years ago.
This notable surge can be attributed to a robust increase in both domestic transactions, witnessing a 13.4 per cent upsurge, and imports, showing an 8.3 per cent rise. Post adjustments for refunds, the net GST revenue for April 2024 stands at Rs 1.92 trillion, reflecting a significant 17.1 per cent growth compared to the corresponding period last year.
For the month of April, while the Central Goods and Services Tax (CGST) was registered at Rs 43,846 crore, the State Goods and Services Tax (SGST) was Rs 53,538 crore. The Integrated Goods and Services Tax (IGST) stood at Rs 99,623 crore, including Rs 37,826 crore collected on imported goods, the finance ministry said. While Cess was recorded at Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
Inter-Governmental Settlement
During April 2024, 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.
State-wise GST revenue collection
Mizoram saw the highest percentage growth in revenue at 52 per cent with Rs 108 crore collected in April 2024. Karnataka recorded the highest GST revenue collection at Rs 15,978 crore. Commenting on the April 2024 GST collctions, Shravan Shetty, managing director at Primus Partners said,
“April typically has the highest collection of GST in a year as seen last year and we expect coming months to be close to the 1.7-2 trillion mark over the next few months which should pick up as we enter the festive season post rainy season.” The higher GST collections also show that the country’s economy is on a sound footing, irrespective of global turbulence and domestic inflation.
