GST revenue jumps 11.5 pc in March to Rs 1.78 lakh crore, yearly collection crosses Rs 20 lakh crore

NEW DELHI: The country’s gross Good and Services Tax (GST) revenue for March 2024 jumped by 11.5 per cent over the same month of the previous year, to touch the second-highest collection ever at Rs 1.78 lakh crore, data released by the Finance Ministry on Monday showed.

This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent, reflecting the increased level of economic activity during the month. GST revenue net of refunds is Rs 1.65 lakh crore in March which represents a growth of 18.4 per cent over the same month last year.

For the fully financial year 2023-24 the total gross GST collection touched the significant milestone of Rs. 20.14 lakh crore, an 11.7 per cent increase compared to the previous year, according to the official figures.

The average monthly collection for this fiscal year ended on March 31, 2024 now stands Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore. GST revenue net of refunds as of March 2024 for 2023-24 is Rs 18.01 lakh crore which is a growth of 13.4 per cent over the same period last year, the finance ministry said.

Breakdown of March 2024 collections shows a positive trend:

* Central Goods and Services Tax (CGST): Rs 34,532 crore

* State Goods and Services Tax (SGST): Rs 43,746 crore

* Integrated Goods and Services Tax (IGST): Rs 87,947 crore, including Rs 40,322 crore collected on imported goods

* Cess: Rs 12,259 crore, including Rs 996 crore collected on imported goods Similar positive trends are observed in the entire FY 2023-24 collections:

* Central Goods and Services Tax (CGST): Rs 3,75,710 crore

* State Goods and Services Tax (SGST): Rs 4,71,195 crore

* Integrated Goods and Services Tax (IGST): Rs 10,26,790 crore, including Rs 4,83,086 crore collected on imported goods

* Cess: Rs 1,44,554 crore, including Rs 11,915 crore collected on imported goods

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

For the FY 2023-24, the central government settled Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected.