GST collection breaches Rs 2-lakh-crore milestone: Finance Ministry

The country’s gross GST collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent year on year driven by a strong increase in domestic transactions and imports.

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.

GST collections have breached the landmark milestone of Rs 2 lakh crore, the finance ministry said in a statement.

Ministry statement

“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.

The collection was over Rs 1.78 lakh crore last year, while it was Rs 1.87 lakh crore in April 2023.

In April, Central GST collection was Rs 43,846 crore; State GST was Rs 53,538 crore; Integrated GST was Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Cess collection was Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.

States’ dues cleared: FM

From the IGST collected, the Centre settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST in April, translating to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for the month after regular settlement.

Finance Minister Nirmala Sitharaman shared the ministry’s X post with the following caption: “An IGST amount of ₹50,307 crore to Centre and ₹41,600 crore to States has been cleared. This IGST settlement of ₹91,907 crore is ₹4,413 crore more than the actual net IGST collections of ₹87,494 crore and stands settled by the Central Government. There are NO DUES pending on account of IGST settlement to the States.”

(With agency inputs)