GST collections cross Rs 2 lakh crore! In April 2024, the Gross Goods and Services Tax (GST) collections reached an all-time high of Rs 2.10 lakh crore, marking a considerable 12.4% progress in comparison with the identical month in the earlier 12 months. This spectacular improve will be attributed to a strong rise in home transactions, which grew by 13.4%, and imports, which noticed an 8.3% uptick.The web GST income for April 2024, after accounting for refunds, quantities to Rs 1.92 lakh crore, showcasing a outstanding 17.1% progress when in comparison with the corresponding interval in the earlier 12 months, based on the discharge by Ministry of Finance.
The April 2024 collections will be damaged down as follows:
The April 2024 collections will be damaged down as follows:
- 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, together with Rs 37,826 crore collected on imported items
- Cess: Rs 13,260 crore, together with Rs 1,008 crore collected on imported items.
As half of the inter-governmental settlement course of in April 2024, the central authorities settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the collected IGST. Consequently, after the common settlement, the entire income for CGST and SGST in April 2024 stands at Rs 94,153 crore and Rs 95,138 crore, respectively.
Monthly GST collections in Rs crore
The graph shows the month-to-month gross GST income patterns for the current 12 months.
GST collections are seen as an essential high-frequency indicator of the general well being of the Indian financial system. Higher GST collections are indicative of underlying financial power of the home financial system in the face of international headwinds.
