The country’s gross GST collections hit a record high of ₹ 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 breach landmark milestone of ₹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 ₹2.10 lakh crore. This represents a significant 12.4%-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3%),” the ministry said.
The collection was over ₹1.78 lakh crore last year, while it was ₹1.87 lakh crore in April, 2023.
After accounting for refunds, the net GST revenue for April 2024 stood at ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year.
In April, Central GST collection was ₹43,846 crore; State GST was ₹53,538 crore; Integrated GST was ₹99,623 crore, including ₹37,826 crore collected on imported goods. Cess collection was ₹13,260 crore, including ₹1,008 crore collected on imported goods.