The stock market on Thursday rebounded with indices closing in the Green, with Sensex gaining 128.33 points to reach 74,611.11, and Nifty 50 rising by 43.35, to reach 22,648.20 fueled by record GST collections in April, Auto sales data, manufacturing and an influx of foreign funds.
GST Recorded Highest-Ever Collection in April 2024
The finance ministry on May 1, 2024 released the official data of the country's gross GST collection for April this year. The GST collection for the month reached a record high of Rs 2.10 lakh crore, marking a notable 12.4 per cent YoY growth.
According to the government, the reason behind the strong GST numbers were recorded by the robust surge in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent).
Post the refunds, the net GST revenue for the month April stands at Rs 1.92 lakh crore, with a 17.1 per cent growth compared to the previous year.
Breakdown of April 2024 collection | Image: Wikipedia (Representative)
According to the official data, the breakdown of April 2024 collection are as follows:
- Central Goods and Services Tax (CGST): Rs 43,846 crore
- State Goods and Services Tax (SGST): Rs 53,538 crore
- Integrated Goods and Services Tax (IGST): Rs 99,623 crore, including Rs 37,826 crore collected on imported goods
- Cess: RS 13,260 crore, including Rs 1,008 crore collected on imported goods
State-wise growth of GST Revenues during April, 2024
The state-wise growth of GST revenues in April 2024 are as follows:
Punjab led the pack with 21 per cent growth, followed closely by Haryana (23 per cent) and Delhi (21 per cent). Assam also Stood out with a 25 per cent surge in GST revenue.
Other states such as Bihar, Goa, and Odisha reported a substantial growth rates of 23 per cent, 23 per cent, and 17 per cent, respectively, .
Meanwhile, certain regions also faced challenges with negative or marginal growth rates. Jammu and Kashmir, Sikkim, Arunachal Pradesh, and Lakshadweep declined in GST revenues, with Lakshadweep reported drop of 57 per cent.
Meghalaya and Himachal Pradesh also faced marginal decreases in revenue.
Additionally, states like Jharkhand and Mizoram registered modest growth rates of 3 per cent and 52 per cent, respectively.
While Mizoram on the other hand reported a substantial growth of 52 per cent which is noteworthy as well as the modest growth in Jharkhand compared to other states.
The southern states of Kerala, Tamil Nadu, and Karnataka registered relatively modest growth rates of 9 per cent, 6 per cent, and 9 per cent, respectively. Telangana and Andhra Pradesh registered a growth rates of 11 per and 12 per cent, respectively,
The union territories and smaller states reported mixed results. Chandigarh, Dadra and Nagar Haveli and Daman & Diu, and Puducherry registered growth rates of 23 per cent, 12 per cent, and 13 per cent, respectively. However, Andaman and Nicobar Islands faced a decline of 30 per cent in GST revenues.
