GST collection at ₹1.78 lakh crore in March 2024
Gross Good 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): ₹34,532 crore;
- State Goods and Services Tax (SGST): ₹43,746 crore;
- Integrated Goods and Services Tax (IGST): ₹87,947 crore, including ₹40,322 crore collected on imported goods;
- Cess: ₹12,259 crore, including ₹996 crore collected on imported goods.
Similar positive trends are observed in the entire FY 2023-24 collections:
- Central Goods and Services Tax (CGST): ₹3,75,710 crore;
- State Goods and Services Tax (SGST): ₹4,71,195 crore;
- Integrated Goods and Services Tax (IGST): ₹10,26,790 crore, including ₹4,83,086 crore collected on imported goods;
- Cess: ₹1,44,554 crore, including ₹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.
