Bharat’s economy continues to demonstrate its robustness as the country achieves its highest-ever Goods and Services Tax (GST) revenue collection in April 2024.
Ministry of Finance released official data that the GST revenue for April stands impressively at ₹2.10 lakh crore, marking a significant milestone for the country. This remarkable achievement reflects a notable 12.4% year-on-year increase in gross revenue.
State-wise Breakdown of GST Revenues
Uttar Pradesh has surpassed Tamil Nadu in terms of state-wise GST revenue collection for the month of April 2024. Maharashtra leads the states with the highest GST revenue collection, totaling ₹37,671 crores, followed by Karnataka, Gujarat, Uttar Pradesh, Tamil Nadu, and Haryana.
🚨 Top 5 GST Paying States – April 2024
• Maharashtra – ₹37,671 Crore
• Karnataka – ₹15,978 Crore
• Gujarat – ₹13,301 Crore
• Uttar Pradesh – ₹12,290 Crore
• Tamil Nadu – ₹12,210 CroreUP Recorded Over 19% YoY Growth 🚀
— Ravisutanjani (@Ravisutanjani) May 1, 2024
Uttar Pradesh witnessed a remarkable 19% increase in GST collection compared to April last year, while Tamil Nadu saw a 6% rise. Haryana and Assam also experienced significant increases of 21% and 25%, respectively, with Mizoram topping the charts with a staggering 52% rise.
UP now pays more GST than Tamil Nadu and collections grew at 3x Tamil Nadu’s rate in the last month. Delhi paid more than the entirety of West Bengal. pic.twitter.com/FGZMsTLRMN
— Abhinav Kukreja (@kukreja_abhinav) May 1, 2024
Factors Driving Record-Breaking GST Collection
The unprecedented GST collection can be attributed to a substantial increase in domestic transactions, up by 13.4%, and imports, which saw an 8.3% increase.
After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 17.1% growth compared to the corresponding period last year.
Detailed Revenue Breakdown
The breakdown of GST revenues includes Central Goods and Services Tax (CGST) at ₹43,846 crore, State Goods and Services Tax (SGST) at ₹53,538 crore, and Integrated Goods and Services Tax (IGST) totaling ₹99,623 crore, with ₹37,826 crore stemming from imported goods.
In addition, collections from cess reached ₹13,260 crore, including ₹1,008 crore from imported goods.
Inter-Governmental Settlements
In April 2024, the central government settled ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This translates to a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April 2024 after regular settlement.
Notable settlements include ₹8,077 crore to Karnataka, ₹6,660 crore to Tamil Nadu, ₹8,494 crore to Uttar Pradesh, ₹2,688 crore to Bihar, and the highest settlement of ₹16,959 crore to Maharashtra.
The record-breaking GST revenue collection in April 2024 underscores Bharat’s resilient economy and reflects positive growth trends in both domestic transactions and imports.
The significant contributions from various states highlight the broad-based nature of this economic upswing, offering optimism for sustained growth and development in the coming months.
Comments