GST collections surge to record high of Rs 2.37 lakh crore in April

New Delhi:  India’s Goods and Services Tax (GST) collections surged to a record high of Rs 2.37 lakh crore during April, which represents a 12.6 per cent increase from Rs 2.10 lakh crore in the same month last year, official figures showed on Thursday.

The increase in GST collections was driven by the higher level of economic activity and better compliance, a senior official said.

The GST revenue was Rs 2.10 lakh crore in April 2024, which was the second highest collection ever since the new tax regime came into effect on July 1, 2017.

GST collections from domestic transactions in April this year increased by 10.7 per cent to Rs 1.9 lakh crore, while revenue from imported goods shot up by 20.8 per cent to Rs 46,913 crore.

Refunds issuance rose 48.3 per cent to Rs 27,341 crore during April.

GST collections went up by 9.9 per cent to Rs 1.96 lakh crore during March this year compared to the same month of the previous year, reflecting the higher level of economic activity and better compliance.

Sequentially, the GST collections were 6.8 per cent higher than the Rs 1.84 lakh crore revenue recorded in February this year.

Gross GST revenue in March included Rs 38,100 crore from Central GST, Rs 49,900 crore from State GST, Rs 95,900 crore from Integrated GST and Rs 12,300 crore from compensation cess.

In comparison, February saw Central GST collections at Rs 35,204 crore, State GST (Rs 43,704 crore), Integrated GST (Rs 90,870 crore), and compensation cess (Rs 13,868 crore).

Maharashtra, Karnataka, Gujarat, Tamil Nadu and Uttar Pradesh were the top five contributors to GST collections in March.

Maharashtra paid Rs 31,534 crore in March, a 14 per cent increase compared to March last year, while Karnataka paid Rs 13,497 crore, a 4 per cent increase year-on-year. Gujarat contributed Rs 12,095 crore, a 6 per cent rise from March 2024. Tamil Nadu paid Rs 11,017 crore, reflecting a 7 per cent increase, while Uttar Pradesh collected Rs 9,956 crore, a 10 per cent year-on-year growth.

–IANS