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GST collection in March witnesses second highest collection ever at Rs 1.78 lakh crore

02 Apr 2024 Evaluate

The finance ministry has said that Goods and Services Tax (GST) collections in March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.

The Ministry highlighted that GST collections have shown strong consistent performance in the financial year 2023-24 (FY24) and the fiscal ended March 31, 2024 marks a milestone with total gross GST collection of Rs 20.18 lakh crore, a 11.7 per cent increase compared to the previous year. The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal.

It further said GST revenue net of refunds as of March 2024 is Rs 18.01 lakh crore, which is a growth of 13.4 per cent over the same period a year ago. During FY24, Central (GST) collection was Rs 3.76 lakh crore, State GST was Rs 4.71 lakh crore; Integrated GST was 10.27 lakh crore, including Rs 4.83 lakh crore collected on imported goods. Cess collection was Rs 1.44 lakh crore, including Rs 11,915 crore collected on imported goods.


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