GST Collection for April 2024 Hits Record High, Exceeds 2 Lakh Crore Mark
Remarkable Achievement! The money collected through Goods and Services Tax (GST) in April 2024 hit a record high of ₹2.10 lakh crore. That’s a whopping 12.4% more than last year! This shows that Indian economy is doing really well and there’s a lot of business happening all across the country. The Ministry of Finance shared this data, highlighting how strong and flexible our tax system is, able to keep up with changes in the economy.
Driving Factor Behind the Surge
The surge in GST revenue can be attributed to multiple factors:
- Domestic Transactions Surge: A substantial increase of 13.4% in domestic transactions has significantly contributed to the overall GST collections. This surge is a testament to the buoyancy in domestic consumption and economic activities.
- Rise in Imports: Imports have witnessed a commendable growth of 8.3%, indicating a strengthening of international trade ties and an uptick in cross-border transactions.
Net Revenue After Refund Witnesses Stellar Growth
After factoring in refunds, the net GST revenue for April 2024 stands impressively at ₹1.92 lakh crore, exhibiting a robust 15.5% year-on-year growth. This underscores the efficiency of the tax administration in processing refunds and ensuring a smooth tax compliance mechanism.
Breakdown of Collection Components
The breakdown of GST collections for April 2024 is as follows:
- Central Goods and Services Tax (CGST): ₹43,846 crore
- State Goods and Services Tax (SGST): ₹53,538 crore
- Integrated Goods and Services Tax (IGST): ₹99,623 crore, including ₹37,826 crore collected on imported goods
- Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods
Inter-Government Settlement
In April 2024, the central government disbursed ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This equitable distribution ensures a balanced revenue allocation between the central and state governments, fostering cooperative federalism and ensuring fiscal stability across regions.
State-wise Analysis
A state-wise analysis reveals the following highlights:
- Punjab, Haryana, and Delhi witness impressive growth rates of 21%, 21%, and 23% respectively, indicating strong economic momentum in these regions.
- Mizoram emerges as a standout performer with a staggering 52% growth in GST collections.
- Lakshadweep, on the other hand, experiences a decline of 57%, underscoring the need for targeted interventions to spur economic activity in the region.
Conclusion
The record-breaking GST collections for April 2024 not only signify a robust economic revival but also reaffirm India’s position as a resilient and dynamic economy on the global stage. The government’s steadfast efforts to streamline tax administration, enhance compliance mechanisms and foster a conducive business environment have played a pivotal role in achieving this historic milestone. As the nation charts its course towards economic recovery and growth, such achievements serve as guiding beacons, instilling confidence among stakeholders and laying the foundation for a prosperous future.
Note: Please take into account that the information provided above is sourced from https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2019262. We do not assert ownership of any data.
