GST Hits Historic High in April with Rs 2.37 Lakh Crore Collection, Up 12.6%

The Goods and Services Tax (GST) collection increased 12.6% year-on-year (YoY) to an all-time high of nearly Rs 2.37 lakh crore in April, government data revealed on Thursday.

In April 2024, the GST collection was Rs 2.10 lakh crore, which was the second highest collection ever since the roll-out of the indirect tax regime. The collection was Rs 1.96 lakh crore.

From domestic transactions the GST revenue rose 10.7% to nearly Rs 1.9 lakh crore, while revenue from imported goods was up 20.8% to Rs 46,913 crore.

During April, the issuance of refunds rose 48.3% to about Rs 1.9 lakh crore.

Post adjusting the refunds, the net GST collection rose 9.1% to over Rs 2.09 lakh crore in April.

GST collections stood at Rs 1.77 lakh crore in December, reflecting a 7.3% year-on-year rise. As compared to the growth recorded in November, which was 8.5%, this was a slowdown, which was attributed to reduced consumption following the festive season.

Further, the government had also projected an 11% rise in GST revenue for the year, estimating collections at Rs 11.78 lakh crore, including Central GST and compensation cess.

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