GST income assortment hits record high of Rs 2.10 lakh cr in April
India’s Gross Labor and products Expense (GST) assortments hit a record high of Rs 2.10 lakh crore in April, becoming 12.4 percent on year-on-year premise, the Money Service said in an explanation on Wednesday.
GST assortment in Spring remained at Rs 1.78 lakh crore. Already, the most noteworthy ever GST assortment figure remained at Rs 1.87 lakh crore in April 2023.
The development was driven by a 13.4 percent development in homegrown exchange and 8.3 percent development in imports, the service said.
“In the wake of representing discounts, the net GST income for April 2024 stands at Rs 1.92 lakh crore, mirroring a noteworthy 17.1% development contrasted with a similar period last year,” the public statement read.
Finance Service authorities in a meeting to news office Bloomberg prior in April said that they anticipated that the figure should cross the Rs 2 lakh mark in April.
Sanjay Kumar Agarwal, executive of the Focal Leading group of Circuitous Expenses and Customs, said that income from GST, a utilization charge, was supposed to top Rs 1.8 lakh crore on a normal each month in FY25.
Normal GST assortment in FY24 was Rs 1.68 lakh crore while it was Rs 1.51 lakh crore in FY23.
An IGST measure of Rs 50,307 crore to Center and Rs 41,600 crore to states has been cleared. This IGST settlement of Rs 91,907 crore is Rs 4,413 crore more than the genuine net IGST assortments of Rs 87,494 crore and stands settled by the Focal Government,” Money Priest Nirmala Sitharaman said in a post on X.
“There are no levy forthcoming because of IGST settlement to the states,”
Frequently asked Questions
What was the Gross Goods and Services Tax (GST) collection in April 2024?
In April 2024, India's GST collections reached a record high of Rs 2.10 lakh crore, marking a 12.4% increase year-on-year
What were the factors contributing to the growth in GST collections in April 2024?
The growth in GST collections in April 2024 was driven by a 13.4% increase in domestic trade and an 8.3% increase in imports
What was the net GST revenue for April 2024 after accounting for refunds?
The net GST revenue for April 2024, after accounting for refunds, stood at Rs 1.92 lakh crore, reflecting a significant 17.1% growth compared to the same period last year
What were the predictions regarding GST collections for the fiscal year 2024-25?
Sanjay Kumar Agarwal, director of the Central Board of Indirect Taxes and Customs, predicted that GST revenue was expected to exceed Rs 1.8 lakh crore per month on average in FY25
What was the Integrated Goods and Services Tax (IGST) settlement for April 2024?
An IGST settlement of Rs 91,907 crore was made, with Rs 50,307 crore going to the Center and Rs 41,600 crore to the states. This settlement exceeded the actual net IGST collections of Rs 87,494 crore
