GST collections breach ₹2 trillion-mark in April

Gross goods and services tax (GST) collections peaked last month at ₹2.10 trillion, or a 12.4% year-on-year growth (y-o-y), on robust expansion in domestic transactions and imports.

Net GST revenue, after accounting for refunds, during April stood at ₹1.92 trillion, reflecting a 15.5% y-o-y growth.

A breakup of the GST collections showed Central Goods and Services Tax (CGST) collections stood at ₹43,846 crore.

State Goods and Services Tax (SGST) receipts were at ₹53,538 crore, while the Integrated Goods and Services Tax (IGST) totaled ₹99,623 crore, of which ₹37,826 crore came from imported goods.

Additionally, cess collections amounted to ₹13,260 crore, including ₹1,008 crore from imports.

In April, the central government made significant settlements from the IGST collections, transferring ₹50,307 crore to CGST and ₹41,600 crore to SGST. After these adjustments, the total revenue for CGST stood at ₹94,153 crore, while SGST totaled ₹95,138 crore for the month.

IGST is levied on interstate transactions, while SGST is collected by individual states on transactions within a state, and CGST is levied by the central government on transactions within a state.

Among the states, Mizoram led with the highest increase in GST collections, seeing a 52% surge. This was followed by Assam, which saw a 25% rise.

Goa, Bihar, Delhi, and Chandigarh each reported a 23% increase in their GST revenues.

Maharashtra contributed the highest share of GST collections at ₹37,671 crore, a 13% year-on-year rise, followed by Karnataka (₹15,978 crore), Uttar Pradesh (₹12,290 crore), and Haryana (₹12,168 crore).

Core sector growth eases

Core sector growth eased to 5.2% in March from 7.1% the previous month, ministry of commerce and industry data showed.

The production of cement, coal, electricity, natural gas, steel and crude oil saw positive growth during the month, led by cement which recorded a double digit growth of 10.6%.

Coal grew by 8.7%, electricity by 8%, natural gas 6.3% and steel 5.5%.

India’s combined Index of Eight Core Industries (ICI) measures the combined and individual performance of production of eight core industries–cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel, comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP).