The Business Bytes
New Delhi, May 01, 2024 (TBB Bureau): Union Finance Minister Nirmala Sitharaman on Wednesday announced that India’s gross GST revenue collection for April this year surged to an all-time high of Rs 2.10 lakh crore. This marks a significant 12.4% year-on-year growth, propelled by robust increases in both 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 Finance Ministry hailed the positive performance across all components of GST collections.
The breakdown of collections includes Central Goods and Services Tax (CGST) at Rs 43,846 crore, State Goods and Services Tax (SGST) at Rs 53,538 crore, Integrated Goods and Services Tax (IGST) at Rs 99,623 crore (including Rs 37,826 crore collected on imported goods), and Cess at Rs 13,260 crore (including Rs 1,008 crore collected on imported goods).
As part of the inter-governmental settlement for April, the central government disbursed Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement.
