March Reports Second-Highest Monthly GST Collection, Annual Collection Exceeds Rs 20 Lakh Crore For The First Time

March 2024 witnessed the second-highest collection of Goods and Service Tax (GST) ever at Rs 1.78 lakh crore. This marks a 11.5 per cent year-on-year growth in the GST collection.

Not only March, the whole Financial Year 2023-24 achieved a milestone of GST collection exceeding Rs 20 lakh crore for the first time.

With a 11.7 per cent increase compared to the previous year, the total gross GST collection in FY 2023-24 was Rs. 20.14 lakh crore.

Moreover, the average monthly collection for this fiscal year stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.

According to the Ministry of Finance, the March surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent.

GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is growth of 18.4 per cent over same period last year.

Similarly, GST revenue net of refunds as of March 2024 for the current fiscal year is Rs 18.01 lakh crore which is a growth of 13.4 per cent over same period last year.

In the month of March, the Central Government settled Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from the IGST collected.

This translates to a total revenue of Rs 77,796 crore for CGST and Rs 81,450 crore for SGST for March after regular settlement.

For the FY 2023-24, the central government settled Rs 4.87 lakh crore to CGST and Rs 4.12 lakh crore to SGST from the IGST collected.