GST revenue collection for April 2024 highest ever at US$ 25.2 billion (Rs. 2.10 lakh crore)

India's Gross Goods and Services Tax (GST) collections in April 2024 soared to a record high of US$ 25.2 billion (Rs. 2.10 lakh crore), marking a 12.4% year-on-year increase, as announced by the Finance Ministry. This surge surpassed the previous highest collection of US$ 22.4 billion (Rs. 1.87 lakh crore) recorded in April 2023.

This remarkable growth was attributed to a 13.4% rise in domestic transactions and an 8.3% increase in imports, resulting in a net GST revenue of US$ 23 billion (Rs. 1.92 lakh crore) after refunds, registering an impressive 15.5% growth year-on-year. The central government settled US$ 6.03 billion (Rs. 50,307 crore) to CGST and US$ 4.98 billion (Rs. 41,600 crore) to SGST from the IGST collections in the month of April, resulting in total revenues of US$ 11.3 billion (Rs. 94,153 crore) for CGST and US$ 11.4 billion (Rs. 95,138 crore) for SGST after regular settlements.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.