March sees second-highest gross GST revenue of Rs.1.78 lakh crore, lifts FY 24 collections to Rs.20.2 lakh crore
India’s gross Goods and Services Tax (GST) revenues hit their second-highest level of Rs.1.78 lakh crore in March, even as the growth rate in tax collections slowed to 11.5% from 12.5% in February. This lifted the total tally from the indirect tax for 2023-24 to a little over Rs.20.18 lakh crore, reflecting an 11.6% growth from the previous year‘s kitty. This marks the second-highest collection ever recorded.
The Ministry of Finance stated that the increase in GST collection in March 2024 was mainly due to a notable rise in GST collected from transactions within the country, which went up by 17.6 percent. After deducting refunds, the net GST revenue for March 2024 amounted to Rs.1.65 lakh crore, showing a growth of 18.4 percent compared to the same period last year.
Out of the overall collections, the Central Goods and Services Tax (CGST) amounted to Rs.34,532 crore, and the State Goods and Services Tax (SGST) reached Rs.43,746 crore. The Integrated Goods and Services Tax (IGST) totaled Rs.87,947 crore, which includes Rs.40,322 crore collected on imported goods. Moreover, Cess collections were Rs.12,259 crore, including Rs.996 crore collected on imported goods.
In the same period last year, GST collections were at Rs.1.6 lakh crore. In April 2023, the government collected Rs.1.87 lakh crore through GST, the highest-ever GST collected so far. For the fiscal year 2023/ 24, which ended on March 31, the average gross GST collection stood at Rs.1.68 lakh crore, compared to Rs.1.5 lakh crore the previous year.
The government’s gross GST collection for the fiscal year 2023/ 24 was approximately 12 percent higher than the previous year, totaling Rs.20.1 lakh crore, according to the statement. The surge in GST collections reflects the country’s strong economic growth, providing a solid foundation for the government to meet its developmental objectives and priorities.
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