India’s Goods and Services Tax (GST) collections soared to an all-time high of Rs 2.1 lakh crore in April 2024, registering a robust 12.4 per cent year-on-year growth, according to data released by the finance ministry.
This remarkable achievement was driven by a strong uptick in domestic transactions, which surged by 13.4 per cent, coupled with an 8.3 per cent increase in imports.
After adjusting for refunds, the net GST revenue for April 2024 stood at an impressive Rs 1.92 lakh crore, reflecting a significant 17.1 per cent growth compared to the corresponding period last year, when the government had collected Rs 1.87 lakh crore.
The finance ministry’s statement highlighted the consistent rise in monthly GST collections over the years. From an average of less than Rs 1 lakh crore per month in 2017-18, the inaugural year of GST implementation, collections rapidly accelerated after the pandemic-hit 2020-21 fiscal year, reaching an average of Rs 1.51 lakh crore in 2022-23.
Notably, the gross collections in April 2024 were 17.81 per cent higher than the mop-up of Rs 1.78 lakh crore in March of the same year.
Breaking down the total collections for April 2024, the central GST component stood at Rs 43,846 crore, while the state GST component amounted to Rs 53,538 crore. The integrated GST mop-up, which includes taxes on imported goods, reached Rs 99,623 crore, with Rs 37,826 crore collected on imported goods alone.
Additionally, GST cess collections for the previous month totalled Rs 13,260 crore, of which Rs 1,008 crore was collected on imported goods.