In 2024, a notable increase in GST collections was observed from March to April, reflecting significant economic activities. Below is a detailed breakdown of the GST components for each month, providing insights into the trends and changes in the fiscal landscape.
April 2024 GST Collections
- Central GST (CGST): ₹43,846 crore
- State GST (SGST): ₹53,538 crore
- Integrated GST (IGST): ₹99,623 crore (including ₹37,826 crore collected on imported goods)
- Cess: ₹13,260 crore (including ₹1,008 crore collected on imports)
March 2024 GST Collections
- Central GST (CGST): ₹34,532 crore
- State GST (SGST): ₹43,746 crore
- Integrated GST (IGST): ₹87,947 crore (including ₹40,322 crore collected on imported goods)
- Cess: ₹12,259 crore (including ₹996 crore collected on imports)
Analysis of Trends and Implications
The data from April shows a substantial increase in CGST, SGST, and overall IGST collections compared to March, alongside a slight increase in cess collection. This upward trend could be attributed to several factors, including enhanced compliance, economic recovery, or seasonal business activities that typically surge in April. The detailed figures reveal the robustness of the tax collection mechanisms and hint at a thriving economic environment.
- The increase in CGST and SGST suggests improved compliance and better integration of domestic trade within the fiscal framework.
- The decrease in IGST collected from imports in April compared to March, despite the overall increase in IGST, could indicate shifts in import volume or valuation adjustments.
- The consistent rise in cess collections, although modest, points to a stable accumulation of funds intended for specific sectors or welfare schemes.