In another sign of the surging Indian economy, the country has registered the highest-ever GST revenue collection in the just concluded month of April as it breached the coveted milestone of ₹2 lakh crore. As per the latest official data released by the ministry of Finance, the GST revenue collection for April 2024 stands at ₹2.10 lakh crore. The Gross Revenue has seen a jump of 12.4% year-on-year basis.
Further, the latest data has revealed that Uttar Pradesh has overtaken Tamil Nadu in terms of state-wise GST revenues in the preceding month, April 2024. Maharashtra leads the state-wise GST revenue collection with a total of ₹37,671 crores, followed by Karnataka at ₹15,978 crores, Gujarat at ₹13,301 crores, Uttar Pradesh at ₹12,290 crores, Tamil Nadu at ₹12,210 and Haryana at ₹12,168 crores.
GST collection of UP increased by 19% over April last year, while the same for Tamil Nadu rose by 6%. The GST collection in Haryana rose by 21% and it went up by 25% in Assam, with Mizoram witnessing the highest rise of 52%.
The highest-ever GST collection is driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year.
The chart shows trends in monthly gross GST revenues during the current year.
Central Goods and Services Tax (CGST) reached ₹43,846 crore, State Goods and Services Tax (SGST) amounted to ₹53,538 crore, and Integrated Goods and Services Tax (IGST) totalled ₹99,623 crore, with ₹37,826 crore stemming from imported goods. Additionally, collections from cess reached ₹13,260 crore, including ₹1,008 crore from imported goods.
Inter-Governmental Settlement
In April 2024, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This translates to a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024 after regular settlement.
The data shows that ₹8,077 crore has been settled to Karnataka, while ₹6,660 crore has been settled to Tamil Nadu. The settlements for Uttar Pradesh and Bihar are ₹8,494 crore and ₹2,688 crore respectively, while the same is highest for Maharashtra at ₹16,959 crore.