GST Collection in March on a High at Rs 1.78 lakh crore, Led by Domestic Transactions

March GST collection of Rs 1.78 lakh crore was driven by a 17.6 per cent increase in GST collection from domestic transactions. Figs includes passthrough IGST of 87,947 crs.

·         The entire FY 2023-24, gross GST revenue was at Rs 20.14 lakh crore exceeding Rs 20 lakh crore, posting an increase of 11.7 per cent in comparison to the previous year.

[ABS News Service/02.04.2024]

India recorded gross Good and Services Tax (GST) revenue for the month of March 2024 at Rs 1.78 lakh crore, posting an increase of 11.5 per cent on-year, the finance minister said in a release on April 1. It is the second-highest monthly gross GST revenue collection in March.

The surge was driven by a 17.6 per cent increase in GST collection from domestic transactions. 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, the finance ministry said.

Meanwhile, for the entire FY 2023-24, gross GST revenue was at Rs 20.14 lakh crore exceeding Rs 20 lakh crore, posting an increase of 11.7 per cent in comparison to the previous year. 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. 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, 2024, 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 2024 after regular settlement. 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,” the finance ministry said in a statement.

 

Breakdown of March 2024 Collections:

·         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 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.