Introduction
April 2024 marked a historical milestone in India’s economic landscape with the Gross Goods and Services Tax (GST) collections soaring to an unprecedented ₹2.10 lakh crore. This figure not only signifies a substantial 12.4% increase from the previous year but also showcases the strength and resilience of the Indian market.
Comprehensive Breakdown of GST Components
- 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)
The IGST revenues include a large component from imported goods, reflecting India’s expanding import activities and global trade interactions. The cess collected is primarily allocated towards compensating states for any loss of revenues due to the implementation of GST.
Inter-Governmental Financial Adjustments
The April collections also saw significant financial adjustments where ₹50,307 crore was settled to the CGST and ₹41,600 crore to the SGST from the IGST, ensuring a balanced financial strategy that supports all states equitably.
Economic Implications and State-Wise Performance
April’s GST collection highlights not only an uptick in economic activities but also points to increased compliance and streamlined tax administration across the country. The detailed state-wise analysis provides insights into regional economic dynamics:
- Northern Region: States like Punjab and Haryana showed remarkable growth due to increased industrial and agricultural activities.
- Southern Region: Tamil Nadu and Karnataka displayed moderate growth, benefiting from both manufacturing and IT sector expansions.
- Eastern Region: West Bengal experienced a significant uptick, driven by improvements in both service and manufacturing sectors.
This diverse growth pattern across states indicates varied economic developments and the effectiveness of state-level policies in enhancing tax collections.
State-Wise GST Revenue Collection in April 2024
In April 2024, India’s GST revenue collection showcased significant contributions from various states, highlighting the diverse economic activities across the country. Below is the detailed breakdown of GST collections by state, demonstrating the fiscal performance and economic health within each region.
- Maharashtra: ₹37,671 crore
- Karnataka: ₹15,978 crore
- Gujarat: ₹13,301 crore
- Uttar Pradesh: ₹12,290 crore
- Tamil Nadu: ₹12,210 crore
- Haryana: ₹12,168 crore
- Delhi: ₹7,772 crore
- West Bengal: ₹7,293 crore
- Telangana: ₹6,236 crore
- Odisha: ₹5,902 crore
- Rajasthan: ₹5,558 crore
- Andhra Pradesh: ₹4,850 crore
- Madhya Pradesh: ₹4,728 crore
- Chhattisgarh: ₹4,002 crore
- Jharkhand: ₹3,829 crore
- Kerala: ₹3,272 crore
- Punjab: ₹2,796 crore
- Uttarakhand: ₹2,239 crore
- Bihar: ₹1,992 crore
- Assam: ₹1,895 crore
- Himachal Pradesh: ₹1,015 crore
- Jammu & Kashmir: ₹789 crore
- Goa: ₹765 crore
- Sikkim: ₹403 crore
- Meghalaya: ₹234 crore
- Arunachal Pradesh: ₹200 crore
- Tripura: ₹161 crore
- Mizoram: ₹108 crore
- Manipur: ₹104 crore
- Nagaland: ₹86 crore
- Ladakh: ₹70 crore
Conclusion
The record GST collections in April 2024 are not just a testament to India’s growing economy but also reflect the robustness of its tax system and the effectiveness of recent policy measures. As the country continues to navigate through varying economic phases, such strong revenue collections provide a solid foundation for future economic stability and development.
This detailed narrative aims to provide readers with a comprehensive understanding of the intricacies and impacts of GST collections on India’s broader economic framework, emphasizing the importance of continued enhancements in compliance and administration for sustained fiscal health.
FAQ
Q: What contributed to the record GST collection in April 2024?
A: A significant increase in domestic transactions and imports, alongside improved compliance and administrative measures, boosted the GST collections to new heights.
Q: Which states showed the highest growth in GST collections?
A: Punjab, Haryana, and Delhi were among the top performers, with over 20% growth in GST collections compared to the previous year.
Q: What impact does GST collection have on the economy?
A: Strong GST collections indicate a robust economic activity, enhancing the government’s capacity to fund public services and investments.