(MENAFN- AsiaNet News) The nation's gross GST collections soared to a historic high of Rs 2.10 lakh crore in April 2024, marking a remarkable 12.4 percent year-on-year growth, propelled by robust expansion in both domestic transactions and imports.
According to a statement from the finance ministry, GST collections surpassed the significant milestone of Rs 2 lakh crore.
"The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent)," the ministry said.
Last year, the collection amounted to over Rs 1.78 lakh crore, while in April 2023, it reached Rs 1.87 lakh crore.
After factoring in refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 17.1 percent growth compared to the same period last year.
In April, Central GST collection reached Rs 43,846 crore, State GST was Rs 53,538 crore, Integrated GST amounted to Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, Cess collection stood at Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
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