GST collection crosses Rs 2 lakh crore in April, 12 percent increase compared to last year

The country's gross GST collection reached a record high of Rs 2.10 lakh crore in April. This is 12.4% more than the month of April last year. Strong growth in domestic transactions and imports has been cited as the reason for the increase in GST collections.

The Finance Ministry said in a statement that GST collection has crossed the Rs 2 lakh crore mark. The ministry said, 'Gross Goods and Services Tax (GST) collections reached a record high of Rs 2.10 lakh crore in April 2024. This represents a significant growth of 12.4% year-on-year, driven by strong growth in domestic transactions (growth of 13.4%) and imports (growth of 8.3%).'

In April 2023, 1.87 lakh crore rupees were collected as GST. Net GST collections after refunds in April 2024 were an astounding Rs 1.92 lakh crore, up 17.1% from the same period the previous year. State and central GST collections in April were respectively Rs 53,538 crore and Rs 43,846 crore. Rs 99,623 crore was the total amount of integrated GST, which included Rs 37,826 crore for imported goods. With the inclusion of Rs 1,008 crore from imported goods, the total amount of cess collected was Rs 13,260 crore. 1.78 lakh crore rupees were collected in March 2024 as GST. In March, there was an 18% increase in net GST revenue after refunds compared to the same month the previous year, at Rs 1.65 lakh crore.