India's GST Revenue Hits Record High: What You Need to Know

Record GST Collections in April

New Delhi: The Goods and Services Tax (GST) collections in India reached an unprecedented Rs 2.37 lakh crore in April, marking a 12.6% rise from Rs 2.10 lakh crore during the same month last year, according to official data released on Thursday.

A senior official attributed this growth in GST collections to increased economic activity and improved compliance among taxpayers.

In April 2024, GST revenue stood at Rs 2.10 lakh crore, which was the second-highest collection since the implementation of the new tax system on July 1, 2017.

Collections from domestic transactions rose by 10.7% to Rs 1.9 lakh crore, while revenue from imports surged by 20.8% to Rs 46,913 crore.

Additionally, the issuance of refunds saw a significant increase of 48.3%, totaling Rs 27,341 crore in April.

In March, GST collections had already increased by 9.9% to Rs 1.96 lakh crore compared to the previous year, reflecting ongoing economic growth and compliance improvements.

On a month-to-month basis, April's collections were 6.8% higher than the Rs 1.84 lakh crore recorded in February.

The gross GST revenue for March included Rs 38,100 crore from Central GST, Rs 49,900 crore from State GST, Rs 95,900 crore from Integrated GST, and Rs 12,300 crore from compensation cess.

In February, the collections were Rs 35,204 crore for Central GST, Rs 43,704 crore for State GST, Rs 9,070 crore for Integrated GST, and Rs 13,868 crore for compensation cess.

The top five states contributing to GST collections in March were Maharashtra, Karnataka, Gujarat, Tamil Nadu, and Uttar Pradesh.

Maharashtra contributed Rs 31,534 crore, reflecting a 14% increase from the previous year, while Karnataka's contribution was Rs 13,497 crore, up by 4%. Gujarat's collections reached Rs 12,095 crore, a 6% rise, Tamil Nadu contributed Rs 11,017 crore with a 7% increase, and Uttar Pradesh collected Rs 9,956 crore, marking a 10% growth year-on-year.