With Rs 1.78 Lakh Crore In March, GST Collections Record Second Highest Since Rollout

Second highest monthly Gross GST Revenue collection in March at ₹1.78 lakh crore. Records 11.5% y-o-y growth (18.4% on net basis).

Written by: India.com Business Desk Edited by: Tahir Qureshi

Published: April 1, 2024, 9:04 PM IST

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GST Collections: Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%. GST revenue net of refunds for March 2024 is ₹1.65 lakh crore which is growth of 18.4% over same period last year.

Strong Consistent Performance in FY 2023-24: FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.18 lakh crore exceeding ₹20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at ₹1.68 lakh crore, surpassing the previous year’s average of ₹1.5 lakh crore. GST revenue net of refunds as of March 2024 for the current fiscal year is ₹18.01 lakh crore which is a growth of 13.4% over same period last year.

Positive Performance Across Components

Breakdown of March 2024 Collections:

Central Goods and Services Tax (CGST): Rs 34,532 crore

State Goods and Services Tax (SGST): Rs 43,746 crore

Integrated Goods and Services Tax (IGST): Rs 87,947 crore, including Rs 40,322 crore collected on imported goods

Cess: Rs 12,259 crore, including Rs 996 crore collected on imported goods.

Similar positive trends are observed in the entire FY 2023-24 collections:

Central Goods and Services Tax (CGST): Rs 3,75,710 crore

State Goods and Services Tax (SGST): Rs 4,71,195 crore

Integrated Goods and Services Tax (IGST): Rs 10,26,790 crore, including Rs 4,83,086 crore collected on imported goods

Cess: Rs 1,44,554 crore, including Rs 11,915 crore collected on imported goods.

Inter-Governmental Settlement: In the month of March, 2024, the Central Government settled ₹43,264 crore to CGST and ₹37,704 crore to SGST from the IGST collected. This translates to a total revenue of ₹77,796 crore for CGST and ₹81,450 crore for SGST for March, 2024 after regular settlement. For the FY 2023-24, the central government settled ₹4,87,039 crore to CGST and ₹4,12,028 crore to SGST from the IGST collected.