GST revenue jumps 11.5 pc in March to INR 1.78 lakh crore, yearly collection crosses INR 20 lakh crore

NEW DELHI — The country’s gross Good and Services Tax (GST) revenue for March 2024 jumped by 11.5 per cent over the same month of the previous year, to touch the second-highest collection ever at INR 1.78 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 per cent, reflecting the increased level of economic activity during the month. GST revenue net of refunds is INR 1.65 lakh crore in March which represents a growth of 18.4 per cent over the same month last year.

For the fully financial year 2023-24 the total gross GST collection touched the significant milestone of INR. 20.14 lakh crore, an 11.7 per cent increase compared to the previous year, according to the official figures.

The average monthly collection for this fiscal year ended on March 31, 2024 now stands INR 1.68 lakh crore, surpassing the previous year’s average of INR 1.5 lakh crore. GST revenue net of refunds as of March 2024 for 2023-24 is INR 18.01 lakh crore which is a growth of 13.4 per cent 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): INR 34,532 crore

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

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

* Cess: INR 12,259 crore, including INR 996 crore collected on imported goods

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

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

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

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

* Cess: INR 1,44,554 crore, including INR 11,915 crore collected on imported goods

During March, the Central Government settled INR 43,264 crore to CGST and INR 37,704 crore to SGST from the IGST collected.

For the FY 2023-24, the central government settled INR 4,87,039 crore to CGST and INR 4,12,028 crore to SGST from the IGST collected.