In April, GST collection hits a record high of Rs 2.10 lakh crore

Current Context: The Gross Goods and Services Tax (GST) collections in India did hit a record high in April 2024. The collection reached a staggering amount of Rs 2.10 lakh crore, marking a significant 12.4% year-on-year growth.

• This growth was driven by a strong increase in both domestic transactions, which rose by 13.4%, and imports, which witnessed an 8.3% spike.
• After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year.
• Here’s a breakdown of the April 2024 collections:
• 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
• The central government also settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected.

Question:

Q.1 What was the total Gross Goods and Services Tax (GST) collection in India in April 2024?
a. Rs 1.92 lakh crore
b. Rs 2.10 lakh crore
c. Rs 1.50 lakh crore
d. Rs 2.50 lakh crore