New Delhi: The Gross Items and Providers Tax (GST) reached a brand new milestone in April, with collections hitting a document Rs 2.10 lakh crore for the month of April 2024.
“This represents a major 12.4% year-on-year progress, pushed by a robust enhance in home transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the online GST income for April 2024 stands at Rs 1.92 lakh crore, reflecting a powerful 17.1% progress in comparison with the identical interval final yr,” stated an official assertion.
Right here is the Breakdown of April 2024 Collections:
Central Items and Providers Tax (CGST): Rs 43,846 crore;
State Items and Providers Tax (SGST): Rs 53,538 crore;
Built-in Items and Providers Tax (IGST): Rs 99,623 crore, together with Rs 37,826 crore collected on imported items;
Cess: Rs 13,260 crore, together with Rs 1,008 crore collected on imported items.
Inter-Governmental Settlement: Within the month of April, 2024, the central authorities settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This interprets to a complete income of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April, 2024 after common settlement.
“The unprecedented milestone of surpassing ₹2 lakh crore in GST collections for April 2024 underscores the steadfast resilience of tax system amidst evolving financial landscapes. Each part of GST assortment has contributed considerably. The CGST, SGST, IGST, and Cess segments have all demonstrated optimistic efficiency, additional solidifying our fiscal place. The concerted efforts of the GST officers together with zero tolerance for non-filers, coupled with rigorous measures to fight pretend invoicing and the registrations has considerably bolstered GST collections within the state’s coffers.” Saurabh Agarwal, Tax Companion, EY stated.
