ICRA projects India’s GDP growth to moderate at 6.7% in March quarter
In the March quarter of 2022-23 fiscal, the country’s GDP expanded 6.1 per cent, as per May 31, 2023 estimates. The growth for full fiscal 2022-23 was 7 per cent.
For April 2024, the gross Goods and ServicesTax (GST) collections marked a remarkable 12.4 per cent year-on-year growth at Rs 2.10 trillion, the Finance Ministry said on Wednesday.
The surge was driven by a strong increase in domestic transactions (up 13.4per cent) and imports (up 8.3per cent).
After accounting for refunds, the net GST revenue for April 2024 stands at Rs1.92 lakh crore, reflecting an impressive 17.1 per cent growth compared to the same period last year, the Ministry said.
Advertisement
The Central Goods and Services Tax (CGST) was registered at Rs 43,846 crore while the State Goods and Services Tax (SGST) was Rs 53,538 crore.
Further, the Integrated Goods and Services Tax (IGST) stood at Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. While the Cess was recorded at Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
In April 2024, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement.
In the state-wise analysis of GST collection, Mizoram saw the highest percentage growth in revenue at 52 per cent with Rs 108 crore collected in April 2024. Karnataka recorded the highest GST revenue collection at Rs 15,978 crore.
Advertisement
