03-May-2024
2 mins read
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Goods and Service Tax (GST) collection hit a record high of Rs 2.10 Lakh crore in April, up by 12.4% year over year. The previous month's GST collection stood at Rs 1.78 lakh crore. The highest-ever figure stood at Rs 1.87 lakh crore in April 2023.
The Finance Ministry said this growth is driven by rising domestic transactions and export growth. After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore. It shows an impressive increase of 17.1% compared to the same period last year.
Sunil Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs, said GST revenue was expected to top Rs 1.8 lakh crore on an average per month in the financial year 2025. The average GST collection in the financial year 2024 was Rs 1.68 lakh crore, compared to Rs 1.51 lakh crore in FY23.
CGST, SGST and IGST Details
In April 2024, the Central Goods and Service Tax collected Rs 43,846 crore, while the State Goods and Service Tax collected Rs 53,538 crore. The Integrated Goods and Service Tax collected Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
Top 3 State GST Collection
The state of Maharashtra led with the highest collection of Rs 37,671 crore, recording 31% growth, followed by Karnataka state GST collection at Rs 15,978 crore, showing 9% growth. In the list, third was Gujarat, with a collection of Rs 13,301 crore. The continuous growth in the GST collection indicates that economic growth is on a fast track, and businesses are becoming organized.
The country is getting ready for the final budget in July 2024, in which the government is looking toward bringing alcohol, petrol, diesel and real estate under GST. This can result in a sharp rise in GST collection.