GST Collection in April 2024 Reaches Record High of ₹2.10 Lakh Crore
Significant Growth in GST Revenue Collection
India's Gross Goods and Services Tax (GST) revenue collection in April 2024 has reached a historic high of ₹2.10 lakh crore. This remarkable collection reflects a significant growth of 12.4 percent year-on-year, driven by strong domestic transactions and imports. The record-breaking GST revenue highlights the robustness of India's economy and the efficiency of its tax system.
The Union Finance Ministry announced that after accounting for refunds, the net GST revenue for April 2024 is ₹1.92 lakh crore, indicating an impressive growth of 15.5 percent compared to the same period last year. This growth demonstrates the resilience and continuous expansion of India's economic activities.
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| GST collection in April 2024 highest ever at Rs 2.10 lakh crore |
Comparison with April 2023 and State-Wise GST Collections
When compared to April 2023, the following are the states with the highest GST collections:
- Maharashtra: ₹37,671 crore.
- Karnataka: ₹15,978 crore.
- Gujarat: ₹13,301 crore.
- Uttar Pradesh: ₹12,290 crore.
These states have shown significant growth in GST revenue, indicating robust economic activities in these regions.
Meanwhile, the states with the highest growth in GST revenue were:
- Mizoram: 52%.
- Assam: 25%.
- Chhattisgarh, Delhi, Bihar: 23%.
However, some regions experienced negative growth, including Lakshadweep, Andaman and Nicobar, and Arunachal Pradesh.
Major Achievements in GST Collection
The GST collection in April 2024 can be broken down into various components, illustrating the significant achievements across different GST categories:
- 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 collected on imported goods.
- Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods.
These figures demonstrate the efficiency and effectiveness of India's GST system in collecting revenue from diverse sources.
Conclusion
The record-high GST collection in April 2024 of ₹2.10 lakh crore is a remarkable achievement for India's tax system and economy. The strong growth in GST revenue indicates a healthy economic environment with robust domestic transactions and imports. As India continues to focus on economic growth and development, the success of its GST system will play a crucial role in supporting the nation's progress.
