GST Revenues Hit Record ₹2.10 Lakh Crore in April 2024

New Delhi: Goods and Services Tax (GST) revenue soared to an all-time high of ₹2.10 lakh crore in April 2024, marking a remarkable 12.4% year-on-year growth. This historic milestone, announced by the finance ministry, underscores the nation’s robust economic momentum and increased domestic transactions and imports.

Finance Minister Nirmala Sitharaman commended tax officers for their efforts in achieving this milestone, emphasizing the strong economic momentum and efficient tax collections.

The revenue growth was propelled by a 13.4% increase in domestic transactions and an 8.3% rise in imports. In April 2023, GST revenue stood at ₹1.87 lakh crore, indicating substantial growth over the year.

Central GST (CGST) collections reached ₹43,846 crore, State GST (SGST) stood at ₹53,538 crore, and Integrated GST (IGST) touched ₹99,623 crore, including ₹37,826 crore from levies on imported goods. Total cess collection amounted to ₹13,260 crore, including ₹1,008 crore from imported goods.

After settling IGST, CGST stood at ₹94,153 crore, and SGST at ₹95,138 crore, with no pending dues on IGST settlement to the states.

Post-refunds, net GST revenue for April 2024 reached ₹1.92 lakh crore, reflecting a robust 15.5% growth compared to the previous year.

The growth in domestic transactions is attributed to increased consumer spending on products like air conditioners, beverages, and travel during vacations, indicating robust economic buoyancy and high consumer confidence.