GST Revenue Collection for April 2024 | 02 May 2024
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% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%).
- After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period of 2023.
- Finance Minister attributed this surge to the strong momentum in the economy and efficient tax collections, with no dues pending on account of IGST (Integrated GST) settlement to the States.
- GST compensation cess collections also hit an all-time high of Rs 13,260 crore,
- Introduced for five years to compensate States for revenue losses due to the 2017 switch to the GST regime, the cess is now being used to repay loans taken during the pandemic to compensate States amid a lockdown-triggered collapse in revenues.
- Mizoram reported the highest growth at 52%, followed by Assam at 25%, and Delhi, Bihar, and Goa at 23% rise in revenues.
Read more: Goods and Services Tax (GST)