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Gross GST Collection In April 2024 At Highest Ever At Rs 2.10 Lakh Crore, Jumps 12.4% YoY – Prime Time News24


GST collections breach landmark milestone of Rs 2 lakh crore.

GST collections in April 2024 recorded a 12.4% y-o-y progress

Gross GST assortment in April 2024 was recorded because the highest-ever at Rs 2.10 lakh crore, in keeping with the most recent official information launched on Wednesday. The oblique tax income in April recorded a 12.4 per cent y-o-y progress, pushed by a powerful enhance in home transactions and imports.

Internet GST income (after refunds) stood at Rs 1.92 lakh crore, which is a 17.1 per cent progress over final yr.

Maharashtra collected the best GST in April 2024 at Rs 37,671 crore, adopted by Karnataka (Rs 15,978 crore), Gujarat (Rs 13,301 crore), Uttar Pradesh (Rs 12,290 crore) and Tamil Nadu (Rs 12,210 crore), in keeping with the most recent information.

“The gross items and providers tax (GST) collections hit a file excessive in April 2024 at Rs 2.10 lakh crore… After accounting for refunds, the web GST income for April 2024 stands at Rs 1.92 lakh crore, reflecting a formidable 17.1 per cent progress in comparison with the identical interval final yr,” the finance ministry mentioned in a press release on Might 1.

The expansion gross GST assortment in April 2024 represents a big 12.4 per cent year-on-year progress, pushed by a powerful enhance in home transactions (up 13.4 per cent) and imports (up 8.3 per cent), it mentioned.

Vivek Jalan, chairman of the Nationwide Fiscal Affairs and Taxation Committee of The Bengal Chamber of Commerce and Trade and accomplice at Tax Join Advisory Providers LLP, mentioned, “From July 2017 when GST began with a median month-to-month income of round Rs 0.9 lakh crore to April 2024 when it has grossed Rs 2.1 lakh crore, GST revenues have witnessed an approximate progress of 13 per cent each year on a median. Contemplating inflation of 5 per cent and GDP progress of seven per cent, there was a median buoyancy of 1 per cent on a median each year during the last seven years, which even have witnessed a two-year unprecedented hunch by way of Covid-19 lockdowns.”

He added that it reveals the Indian financial system is on a quick monitor to formalisation and companies are quick changing into organised and are coming into the mainstream. The financial system is thus getting set for a Large Bang last Finances in July 2024 and searching in direction of bringing alcohol, petrol, diesel and actual property beneath GST on the one hand and implementation of The Direct Tax Code changing the Age Previous Revenue Tax Act however together with implementation of the World Minimal Tax.

Breakdown of March 2024 Collections:

  • Central Items and Providers Tax (CGST): ₹43,846 crore;
  • State Items and Providers Tax (SGST): ₹53,538 crore;
  • Built-in Items and Providers Tax (IGST): ₹99,623 crore, together with ₹37,826 crore collected on imported items;
  • Cess: ₹13,260 crore, together with ₹1,008 crore collected on imported items.

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