April saw a groundbreaking achievement in tax collections as the Goods and Services Tax (GST) soared to a remarkable high of Rs 2.10 lakh crore, marking a stellar 12.4% surge from the previous year.
The Finance Ministry proudly announced this milestone, highlighting the robust growth in both domestic transactions, which rose by 13.4%, and imports, which saw an 8.3% increase. After accounting for refunds, the net GST revenue for April 2024 stands impressively at ₹1.92 lakh crore, reflecting a commendable 17.1% growth compared to the same period last year.
Breaking down the collections for April 2024, we see the following figures:
- Central Goods and Services Tax (CGST): Rs 43,846 crore
- State Goods and Services Tax (SGST): Rs 53,538 crore
- Integrated Goods and Services Tax (IGST): Rs 99,623 crore, including Rs 37,826 crore collected on imported goods
- Cess collection: Rs 13,260 crore, which includes Rs 1,008 crore collected on imported goods.
This achievement is particularly noteworthy given that the highest-ever GST collection prior to this was recorded at Rs 1.87 lakh crore in April 2023. The significant growth in GST collections reflects a strong economic momentum and underscores the efficacy of tax reforms in the country.
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