India’s gross GST collections hit a record high of Rs 2.10 lakh crore in April growing 12.4 per cent year on year driven by a strong increase in domestic transactions and imports.
GST collections breached landmark milestone of Rs 2 lakh crore, the finance ministry said in a statement.
“The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent),” the ministry said.
The collection was over Rs 1.78 lakh crore last year, while it was Rs 1.87 lakh crore in April 2023.
After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, reflecting an impressive 17.1 per cent growth compared to the same period last year.
In April, Central GST collection was Rs 43,846 crore; state GST was Rs 53,538 crore and integrated GST was Rs 99,623 crore including Rs 37,826 crore collected on imported goods. Cess collection was Rs 13,260 crore including Rs 1,008 crore collected on imported goods.
“GST collections breach landmark milestone of Rs 2 lakh crore,” Finance Minister Nirmala Sitharaman posted on social media platform X (formerly Twitter).
“The GST collections crossing Rs. 2.10 lakh crore in April 2024 have not only set a new record, it has also recorded a growth rate of 17.1%, which is almost double the nominal GDP growth rate 9.1%. It is a testimony to higher self-compliance and better enforcement, besides reflecting a buoyant economy. The continued consistent buoyancy in GST collections along with this record collection, has set the stage for pursuing forward-thinking reforms under GST 2.0,” said Mahesh Jaising, Partner, Deloitte India.
MS Mani, Partner, Deloitte India said: “These collections which relate to transactions in goods and services during the month of March24 could be the tipping point in the GST collection trajectory. While some part of the increased collections are attributable to the financial year end upswing, it is also reflective of the significant improvements in GST compliance by businesses. The relentless focus on GST audits by both Central and State GST authorities together with the periodic drives to stamp out evasion has led to a large increase in the GST compliance focus of business across the country. Significant GST collection increases have also been observed across all major producing and consuming states indicating that it is widespread and not restricted to a few industrial pockets.”
Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co. called the feat “truly remarkable”.
“The GST collection exceeding INR 2 lakh crore is truly remarkable and reminiscent of an uptick in economic growth. What is more heartening to see is that the net revenue increase is approx. 17% on a year-on-year basis. This is definitely encouraging signs for the economy,” said Bose.
With inputs from PTI
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India’s GST collection hits record Rs 2.1 lakh cr in April; UP surpasses Tamil Nadu
