Gross GST collections reached a record high of Rs 2.10 lakh crore in April, a growth of 12.4 per cent year-on-year due to increase in domestic transactions and imports. Gross GST collection last April was Rs. Was 1.87 lakh crores. Gross GST collection has crossed Rs 2 lakh crore for the first time in seven years of GST implementation. According to a Finance Ministry statement, following a 13.4 per cent growth in domestic transactions and 8.3 per cent rise in imports in April, Rs. Record gross GST collection of Rs 2.10 lakh crore has been achieved. Net GST revenue for April, 2024 after refunds is Rs. Rs 1.92 lakh crore, showing a growth of 17 percent year-on-year.
Central GST collection in April was Rs. 43,846 crore, state GST collection Rs. Rs 53,538 crore, integrated GST collection. Rs 99,623 crore (including Rs 37,826 crore collected on imported goods) while cess collection was Rs. Rs 13,260 crore (including Rs 1,008 crore collected on imported goods). Since the implementation of GST in 2017, GST collection is continuously increasing every year. The average monthly GST collection in 2017-18 was less than Rs 1 lakh crore, but it has been continuously increasing since the Corona period. Average monthly GST collection in FY 2022-23 is Rs. Was 1.51 lakh crore.
Central GST 94,153 crore and State GST 95,138 crore
The gross GST collection in the first month of the current financial year 2024-25 has crossed Rs 2 lakh crore, which in March, 2024 was Rs. 1.78 crore which is 17.81 percent more than the gross GST collection. The highest amount in April was Rs. GST collection from Maharashtra stood at Rs 37,671 crore, up 13 percent year-on-year. In April, 2024, the Central Government has announced a unified GST of Rs. Rs 50,307 crore to Central GST.
State GST settlement of Rs 41,600 crore. The total revenue from Central GST and State GST for April, 2024 after regular settlement is Rs. Rs 94,153 crore. 95,138 crores. Generally, GST collection is highest in the month of April of any financial year. It will be interesting to see in how many months of the current financial year the GST collection crosses Rs 2 lakh crore.
The record collection of Rs 1.87 lakh crore was last seen in April, 2023.
Talking about the previous highest gross GST collection, the GST collection in April, 2023 was Rs. Reached Rs 1.87 lakh crore. The total gross GST collection for FY 2023-24 is Rs. Which is Rs 20.18 lakh crore in the financial year 2022-23. GST collection Rs 20 lakh crore. 18 thousand crores more.
