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GST mop-up surge 12.4%, at record high of Rs 2.1L cr in Apr
Growth driven by increased domestic transactions (13.4%) and imports (8.3%). April GST collections exceed last month’s `1.78 lakh crand `1.87 lakh cr in April 2023
New Delhi: Goods and Services Tax collections grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports, raising expectations of the next wave of GST reforms after the formation of the new government. The Finance Ministry in a statement said that the GST collections breached the milestone of Rs 2 lakh crore in April.
"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.
The GST revenue, which is basically taxes on goods sold and services rendered, was over Rs 1.78 lakh crore last month, while it was Rs 1.87 lakh crore in April 2023. In April this year, the mop-up under Central GST (CGST) pool stood at Rs 43,846 crore, while State GST (SGST) collection reached Rs 53,538 crore and Integrated GST (IGST) Rs 99,623 crore, including Rs 37,826 crore collected through levies on imported goods. The total Cess collection was registered at Rs 13,260 crore, including Rs 1,008 crore collected on imported goods. The central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collection. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April 2024 after regular settlement. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, reflecting an impressive 15.5 per cent growth compared to the number of the same period last year. Tax experts said the robust GST revenues in April reflect a buoyant economy, self-compliance by businesses, timely audit and scrutiny, besides enforcement measures taken by the department.
Deloitte India Partner Mahesh Jaising said the consistent buoyancy in GST collections has set the stage for pursuing forward-thinking reforms under GST 2.0. PwC India Partner Pratik Jain said with the next wave of GST reforms expected after the formation of the new government, the growth (in GST collections) may be further accelerated.
It may also enable the government to make bolder decisions such as rate rationalisation or bringing products, such as ATF and natural gas, under the GST ambit. According to EY tax Partner Saurabh Agarwal, the GST collection underscores the steadfast resilience of the tax system amidst evolving economic landscapes.
"The concerted efforts of the GST officials, including zero tolerance for non-filers, coupled with rigorous measures to combat fake invoicing and the registrations have significantly bolstered GST collections in the states' coffers," Agarwal said.
