"Record-Breaking: GST Collections Surpass Hits Highest Mark of 2.1 Lakh Crores in April 2024"

According to the Latest Data of Finance Ministry, Gross Domestic Collection In April 2024 Hits Highest Even Bench Mark of 2.1 lac Crore — a Significant Surge of 12.4% Year on Year. 

GST Collections Surpass Hits Highest Mark of 2.1 Lakh Crores in April 2024"

Currently, the Central Board of Indirect Tax and Custom CBIC Ministry has released the GST collections for April 2024 which has seen an elevated surge of 12.4% compared to last year. Well, this had to happen because a little while ago Finance Minister Nirmala Sitaraman had said in a statement to News Agency Bloomberg that India's GST is fully expected to hit a Benchmark of 2 lac crore in April 2024. After Refund Net GST Collections Stands at rs 1.92 lac Crore an increase of 17.1% year on year.

Statement of Central Board Of Indirect Taxes and Customs 

In the Press Release CBIC, Central Board of Indirect Taxes and Customs stated that, "After accounting forup rvefunds, the net, GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year,". 

The Central Board of Indirect Taxes and Customs in it Statement clearly stated that these elevated increases in GST Collection are mainly due to 13.4% increase in Domestic Transaction GST Collection or 8.3% increase in GST from Imports. 

Finance Minister, Nirmala Sitaraman said 

Finance Ministery Nirmala Sitaraman In his tweet on Platform X ( formerly known as Twitter ), GST collection crosses ₹ 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections." 

After this She Congratulates CBIC and mentioned, "Congratulations to the Central Board of Indirect Taxes & Customs (@CBIC_India), Dept of Revenue, all officers at the state and central levels. Their sincere and collaborative efforts has achieved this landmark."

 

👉 #GST revenue collection for April 2024 highest ever at Rs 2.10 lakh crore

👉 #GST collections breach landmark milestone of ₹2 lakh crore

👉 Gross Revenue Records 12.4% y-o-y growth

👉 Net Revenue (after refunds) stood at ₹1.92 lakh crore; 17.1% y-o-y growth pic.twitter.com/SrM6Z9AHaU

— CBIC (@cbic_india) May 1, 2024

Partnership of States in GST Collection

According to the released reports by CBIC ,Integrated Goods and Services Tax positioned at 50,307 Crore, SGST State Goods and Services Tax is rs 41600 Crore. Niramal Sitaraman said that the IGST settlement of Rs 91,907 crore is more than the actual IGST settlement of Rs 87,494 crore by Rs 4413 crore, which has been announced by the Central Government. 

After this Finance Minister Notably stated that, "There are NO DUES pending on account of IGST settlement to the States." 

Average Month wise GST Collection

Average Month wise Collection of 2023-24 was 1.68 lakh crore - The Chairman of Borad of Indirect taxes and Customs Sanjay Kumar Agrawal,  said that the Month wise GST revenue is expected to be 1.8 lakh crore on an average in 2024 - 25, an increase of 12000 Crore am is expected to be seen as of previous year. 

List of States with Highest GST Collections 

If we glance at State wise GST Collections, Maharashtra has recorded the Highest GST Collections like every year. This time Tamil Nadu has overtaken Uttar Pradesh and recorded Highest ever new GST Collection. This year's GST collections of Maharashtra stood at Rs 37,671 Crore, a 13% increase from last year, which was Rs 33,196 Crore in April last year. 

Karnataka came up with the same numbers as every year, the GST collection of 2023 April was 14,593, this year it a surge of 9% is seen and GST Collection Hits 15,978 Crore. 

Gujarat is at third place in highest 

GST collections, as of last year GST collections increased by 13% and stood at Rs 13,301 Crore. In April 2023 Uttar Pradesh's GST collections was positioned at Rs 10,320 Crore, an elevated surge of 19%, GST collection crossed its benchmark and reached Rs 12,290 Crore. Tamil Nadu is at number five, stepped down by one step, GST collections for April 2024 were 12,210 which was 11,559 a year ago.

Decreased GST Collection

Till now you have seen the list of States whose GST Collection has Increased as compared to last year. But now let's have a glance on the states whose GST collections have reduced in 2024  .Lakshadweep comes first in the list on 2023 April the collection was 3 Crores, but now it has fallen by 57% and came to rs 1 Crore. This is followed by Andaman Nicobar Island, this year's GST revenue was 65 Crore whereas last year it was 92 Crore, a decline of 30% is recorded. Next is Nagaland whose GST collections fell by 16% to Rs 200 crore compared to last year.

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