GST Collections Hit Record High, Exceeding Rs 2 Lakh Crore Mark for First Time in April

India's GST collections surged to a record Rs 2.10 lakh crore in April, a 12.4% yearly increase. Domestic transactions and imports fuelled the growth. The collections exceeded April 2023's Rs 1.87 lakh crore. The net GST revenue, after refunds, reached Rs 1.92 lakh crore, indicating a 17.1% year-over-year growth. Central GST collection stood at Rs 43,846 crore, State GST at Rs 53,538 crore, Integrated GST at Rs 99,623 crore (including Rs 37,826 crore from imported goods), and Cess collection at Rs 13,260 crore (including Rs 1,008 crore from imported goods).

The country'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 breach 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 month, 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; 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)