Nagaland GST revenue soars 43% in March 2024

DIMAPUR — In March 2024, Nagaland’s Goods and Services Tax (GST) revenue reached INR 83 crore, marking a 43% increase from the INR 58 crore recorded during the same month in the previous fiscal year.

As of March 2024, Nagaland’s overall State Goods and Services Tax (SGST) revenue, including the portion of Integrated Goods and Services Tax (IGST) post-settlement, amounted to INR 1,057 crore, reflecting a 10% increase from the INR 964 crore recorded during the corresponding period the previous year, according to data released by the Ministry of Finance, Government of India, on April 1.

The pre-settlement SGST by March 2024 amounted to INR 307 crore, indicating a 35% increase from the INR 228 crore recorded during the previous fiscal year.

According to the Ministry of Finance, the gross GST revenue for March 2024 in India reached the second-highest collection ever, totaling INR 1.78 lakh crore, showing 11.5% year-on-year growth.

A significant increase in GST revenue from domestic transactions, up 17.6%, was the driving force behind the surge. The GST revenue, net of refunds, for March 2024 amounted to INR 1.65 lakh crore, marking a growth of 18.4% over the same period last year.

The fiscal year 2023–24 marks a milestone with a total gross GST collection of INR 20.18 lakh crore, surpassing the INR 20 lakh crore mark. This represents an increase of 11.7% compared to the previous year.

The average monthly collection for this fiscal year stands at INR 1.68 lakh crore, surpassing the previous year’s average of INR 1.5 lakh crore. As of March 2024, the GST revenue net of refunds for the current fiscal year amounted to INR 18.01 lakh crore, representing a growth of 13.4% over the same period last year.

In March 2024, the breakdown of collections demonstrates a positive performance: CGST collected INR 34,532 crore, SGST collected INR 43,746 crore, and IGST collected INR 87,947 crore, which includes INR 40,322 crore collected on imported goods. Additionally, through cess, it collected INR 12,259 crore, including INR 996 crore collected on imported goods.

In March 2024, the Central Government settled INR 43,264 crore to CGST and INR 37,704 crore to SGST from the IGST collected. This translates to a total revenue of INR 77,796 crore for CGST and INR 81,450 crore for SGST for March 2024 after regular settlement.

For the fiscal year 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.