GST Collections Hit Record High of Rs 2.10 Lakh Crore in April
- In April, GST revenue reached an unprecedented milestone of Rs 2.10 lakh crore, marking a substantial growth of 12.4% compared to the previous year.
- The surge in GST revenue is attributed to robust increases in both domestic transactions (up by 13.4%) and imports (up by 8.3%), according to the Ministry of Finance.
- The breakdown of GST collections is as follows:
- Central Goods and Services Tax (CGST): Rs 43,846 crore.
- State Goods and Services Tax (SGST): Rs 53,538 crore.
- Integrated Goods and Services Tax (IGST): Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
- Cess: Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
- The central government disbursed Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST pool collected. This translates to total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST.
- Notable growth in GST collections was observed in several states:
- Maharashtra: 13% growth.
- Karnataka: 9% growth.
- Uttar Pradesh: 19% growth.
- Gujarat: 13% growth.
- Delhi: 23% growth.
- However, some states witnessed a decline in GST collections:
- Jammu and Kashmir: -2%.
- Sikkim: -5%.
- Arunachal Pradesh: -16%.
- Nagaland: -3%.
- Meghalaya: -2%.
- Lakshadweep: -57%.
- Andaman and Nicobar Islands: -30%.
The significant increase in GST revenue reflects a positive trend in economic activity and consumption. This record-high collection underscores the effectiveness of GST in streamlining tax administration and enhancing revenue mobilization. However, the varying growth rates across states highlight the diverse economic landscapes and regional challenges that warrant targeted policy interventions.
