GST Revenues Jump 11.5% to Rs1.78 Lakh Crore in March, Yearly Collection Crosses Rs20 Lakh Crore
The country’s gross good and services tax (GST) revenue for March 2024 jumped by 11.5% over the same month of the previous year, to touch the second-highest collection ever at Rs1.78 lakh crore, data released by the Finance Ministry on Monday showed.
This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%, reflecting the increased level of economic activity during the month. GST revenue net of refunds is Rs1.65 lakh crore in March which represents a growth of 18.4% over the same month last year.
For the fully financial year 2023-24 the total gross GST collection touched the significant milestone of Rs20.14 lakh crore, an 11.7% increase compared to the previous year, according to the official figures.
The average monthly collection for this fiscal year ended on 31 March 2024 now stands Rs1.68 lakh crore, surpassing the previous year’s average of Rs1.5 lakh crore. GST revenue net of refunds as of March 2024 for 2023-24 is Rs18.01 lakh crore which is a growth of 13.4% over the same period last year, the finance ministry said.
Breakdown of March 2024 collections shows a positive trend:
* Central Goods and Services Tax (CGST): Rs34,532 crore
* State Goods and Services Tax (SGST): Rs43,746 crore
* Integrated Goods and Services Tax (IGST): Rs87,947 crore, including Rs40,322 crore collected on imported goods
* Cess: Rs12,259 crore, including Rs 996 crore collected on imported goods
Similar positive trends are observed in the entire FY23-24 collections:
* Central Goods and Services Tax (CGST): Rs3,75,710 crore
* State Goods and Services Tax (SGST): Rs4,71,195 crore
* Integrated Goods and Services Tax (IGST): Rs10,26,790 crore, including Rs4,83,086 crore collected on imported goods
* Cess: Rs1,44,554 crore, including Rs11,915 crore collected on imported goods
During March, the Central Government settled Rs43,264 crore to CGST and Rs37,704 crore to SGST from the IGST collected.
For the FY23-24, the central government settled Rs4,87,039 crore to CGST and Rs4,12,028 crore to SGST from the IGST collected.
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