GST collection highest ever in April at Rs 2.10 lakh crore

Highest GST collection ever: Goods and Service Tax collection in the month of April 2024 rose 12.4 per cent on an annual basis to Rs 2.10 lakh crore, the highest tax collection recorded ever. This rise is fueled by a strong increase in domestic transactions which are up 13.4 per cent. #BREAKINGNEWS | Goods and Service Tax collection in the month of April 2024 rose 12.4 per cent on an annual basis to Rs 2.10 lakh crore, the highest tax collection recorded ever. Watch to know more: ...#GST | #GSTCollection | #FinanceMinistry | #Tax pic.twitter.com/RUjIqORlnr— Republic Business (@RepublicBiz) May 1, 2024 Last month, the GST collection was recorded at Rs 1.78 lakh crore, to become the second-highest collection since the regime's inception in July 2017. Total GST Collection in last 12 months | Image credit: PIBFollowing adjustments for refunds, the net GST revenue for April 2024 totals Rs 1.92 lakh crore, marking a 17.1 per cent increase compared to the corresponding period last year.In April 2024, the breakdown of GST collections reveals significant figures across various categories. The Central Goods and Services Tax (CGST) accounted for Rs 43,846 crore, while the State Goods and Services Tax (SGST) recorded collections of Rs 53,538 crore. Integrated Goods and Services Tax (IGST) collections reached Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, the cess collection amounted to Rs 13,260 crore, which includes Rs 1,008 crore collected on imported goods. Mizoram ranked at the top in state-wise growth of GST Revenues during April, 2024, showing 52 per cent growth when compared to March 2024, followed by Assam (25 per cent), Chandigarh (23 per cent), Bihar (23 per cent), and Goa (23 per cent). While Lakshwadeep came in as the worst-performing region with a negative 57 per cent growth in the GST collection.

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GST collection highest ever in April at Rs 2.10 lakh crore

This rise is fueled by a strong increase in domestic transactions which are up 13.4%.

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