Record GST Collections in April 2024: A Milestone for India’s Fiscal Trajectory

India’s fiscal landscape achieved a significant milestone in April 2024, with gross Goods and Services Tax (GST) collections soaring to a record ₹2.10 lakh crore. This represents a 12.4% growth compared to the same month in the previous year, crossing the psychological barrier of ₹2 lakh crore for the first time since the tax regime's inception in 2017. The breakdown of the collections reveals a balanced growth across components: Central GST (CGST) stood at ₹43,846 crore, State GST (SGST) at ₹53,538 crore, and Integrated GST (IGST) at ₹99,623 crore. Notably, the revenue from domestic transactions grew by 13.4%, while GST on imports saw an 8.3% increase. After accounting for refunds, the net GST revenue for April 2024 stood at ₹1.92 lakh crore, representing a 15.5% growth over the corresponding period last year.