TFP Bureau, New Delhi; May 1, 2024: The Gross Goods and Services Tax (GST) revenue for April 2024 surged to a historic high of ₹2.10 lakh crore, recording a notable 12.4% year-on-year increase, as reported by the Indian government’s Ministry of Finance. After accounting for refunds, the net GST revenue stood at ₹1.92 lakh crore, indicating a remarkable 15.5% growth compared to April last year.
The substantial growth in GST collections can be attributed to a surge in domestic transactions, up by 13.4%, and a notable 8.3% increase in imports. This performance underscores the resilience and vigor of India’s economic landscape.
Breakdown of Revenue:
– 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 from imported goods)
– Cess: ₹13,260 crore (including ₹1,008 crore from imported goods)
Government Settlements:
The inter-governmental settlement for April 2024 saw the central government disbursing ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This resulted in a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST after regular settlement procedures.
State-wise Growth:
The data provided by the Ministry of Finance highlights the diverse growth patterns across states. Notably, states like Haryana, Punjab, and Delhi recorded substantial year-on-year increases in GST revenue, reflecting broader economic buoyancy and consumption trends.
The robust GST revenue figures for April 2024 indicate positive momentum in economic activities across various sectors and regions of India. The government remains focused on sustaining this growth trajectory and leveraging GST collections to bolster key development initiatives nationwide.
