India's gross Goods and Services Tax (GST) collection for April 2024 reached Rs 2,42,702 crore, registering a robust year-on-year growth of 8.7 per cent, according to official data released on Wednesday. This marks the second-highest monthly collection ever, following the record Rs 2,52,002 crore in March 2024.
Breakdown of Collections
The total gross GST revenue comprises Central GST (CGST) of Rs 43,246 crore, State GST (SGST) of Rs 53,809 crore, Integrated GST (IGST) of Rs 1,26,649 crore (including Rs 58,942 crore on imports), and cess of Rs 18,998 crore (including Rs 1,108 crore on imports). The government settled Rs 74,934 crore to CGST and Rs 62,994 crore to SGST from IGST. After regular settlement, the total revenue for the Centre and states in April 2024 stood at Rs 1,18,180 crore and Rs 1,16,803 crore respectively.
Growth Drivers
The 8.7 per cent increase in GST collections is attributed to higher domestic consumption, improved compliance, and economic expansion. Domestic transactions contributed Rs 1,72,263 crore, up 6.4 per cent from Rs 1,61,864 crore in April 2023. Imports accounted for Rs 70,439 crore, reflecting a 14.7 per cent rise compared to Rs 61,432 crore in the same month last year.
- Domestic GST: Rs 1,72,263 crore (6.4% YoY growth)
- Import GST: Rs 70,439 crore (14.7% YoY growth)
- Total gross collection: Rs 2,42,702 crore (8.7% YoY growth)
State-wise Performance
Several states recorded healthy growth in GST collections. Maharashtra, Karnataka, Gujarat, Tamil Nadu, and Uttar Pradesh continued to be the top contributors. Among smaller states, Sikkim, Nagaland, and Mizoram saw significant percentage increases. The data indicates broad-based recovery across regions.
Implications for Fiscal Health
Sustained GST revenue growth strengthens the government's fiscal position, providing room for capital expenditure and social welfare programs. The consistent increase also reflects the formalisation of the economy and better tax compliance. Economists expect collections to remain buoyant in the coming months, supported by festive demand and policy measures.
The April collection is particularly significant as it typically sees a dip after the year-end rush. The 8.7 per cent growth suggests underlying economic momentum is strong. The government remains optimistic about meeting its budgeted GST revenue targets for the fiscal year.
