Second Highest Monthly Gross GST Revenue collection in March at ₹1.78 lakh crore; Records 11.5% Y-o-Y Growth (18.4% on Net Basis)

·         Yearly Gross Revenue ₹20.18 lakh crore; 11.7% Growth (13.4% on Net Basis)

[ABS News Service/02.04.2024]

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.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of March, 2024 as compared to March, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of March, 2024.

Chart: Trends in GST Collection

 

Table 1: State-wise growth of GST Revenues during March, 2024[1]

State/UT

Mar-23

Mar-24

Growth (%)

Jammu and Kashmir

477

601

26%

Himachal Pradesh

739

852

15%

Punjab

1,735

2,090

20%

Chandigarh

202

238

18%

Uttarakhand

1,523

1,730

14%

Haryana

7,780

9,545

23%

Delhi

4,840

5,820

20%

Rajasthan

4,154

4,798

15%

Uttar Pradesh

7,613

9,087

19%

Bihar

1,744

1,991

14%

Sikkim

262

303

16%

Arunachal Pradesh

144

168

16%

Nagaland

58

83

43%

Manipur

65

69

6%

Mizoram

70

50

-29%

Tripura

90

121

34%

Meghalaya

202

213

6%

Assam

1,280

1,543

21%

West Bengal

5,092

5,473

7%

Jharkhand

3,083

3,243

5%

Odisha

4,749

5,109

8%

Chhattisgarh

3,017

3,143

4%

Madhya Pradesh

3,346

3,974

19%

Gujarat

9,919

11,392

15%

Dadra and Nagar Haveli and Daman & Diu

309

452

46%

Maharashtra

22,695

27,688

22%

Karnataka

10,360

13,014

26%

Goa

515

565

10%

Lakshadweep

3

2

-18%

Kerala

2,354

2,598

10%

Tamil Nadu

9,245

11,017

19%

Puducherry

204

221

9%

Andaman and Nicobar Islands

37

32

-14%

Telangana

4,804

5,399

12%

Andhra Pradesh

3,532

4,082

16%

Ladakh

23

41

82%

Other Territory

249

196

-21%

Center Jurisdiction

142

220

55%

Grand Total

1,16,659

1,37,166

18%

 


 

Table-2: SGST & SGST portion of IGST settled to States/UTs April-March (Rs. in crore)

 

Pre-Settlement SGST

Post-Settlement SGST[2]

State/UT

2022-23

2023-24

Growth

2022-23

2023-24

Growth

Jammu and Kashmir

2,350

2,945

25%

7,272

8,093

11%

Himachal Pradesh

2,346

2,597

11%

5,543

5,584

1%

Punjab

7,660

8,406

10%

19,422

22,106

14%

Chandigarh

629

689

10%

2,124

2,314

9%

Uttarakhand

4,787

5,415

13%

7,554

8,403

11%

Haryana

18,143

20,334

12%

30,952

34,901

13%

Delhi

13,619

15,647

15%

28,284

32,165

14%

Rajasthan

15,636

17,531

12%

35,014

39,140

12%

Uttar Pradesh

27,366

32,534

19%

66,052

76,649

16%

Bihar

7,543

8,535

13%

23,384

27,622

18%

Sikkim

301

420

39%

839

951

13%

Arunachal Pradesh

494

628

27%

1,623

1,902

17%

Nagaland

228

307

35%

964

1,057

10%

Manipur

321

346

8%

1,439

1,095

-24%

Mizoram

230

273

19%

892

963

8%

Tripura

435

512

18%

1,463

1,583

8%

Meghalaya

489

607

24%

1,490

1,713

15%

Assam

5,180

6,010

16%

12,639

14,691

16%

West Bengal

21,514

23,436

9%

39,052

41,976

7%

Jharkhand

7,813

8,840

13%

11,490

12,456

8%

Odisha

14,211

16,455

16%

19,613

24,942

27%

Chhattisgarh

7,489

8,175

9%

11,417

13,895

22%

Madhya Pradesh

10,937

13,072

20%

27,825

33,800

21%

Gujarat

37,802

42,371

12%

58,009

64,002

10%

Dadra and Nagar Haveli and Daman and Diu

637

661

4%

1,183

1,083

-8%

Maharashtra

85,532

1,00,843

18%

1,29,129

1,49,115

15%

Karnataka

35,429

40,969

16%

65,579

75,187

15%

Goa

2,018

2,352

17%

3,593

4,120

15%

Lakshadweep

10

19

93%

47

82

75%

Kerala

12,311

13,967

13%

29,188

30,873

6%

Tamil Nadu

36,353

41,082

13%

58,194

65,834

13%

Puducherry

463

509

10%

1,161

1,366

18%

Andaman and Nicobar Islands

183

206

12%

484

528

9%

Telangana

16,877

20,012

19%

38,008

40,650

7%

Andhra Pradesh

12,542

14,008

12%

28,589

31,606

11%

Ladakh

171

250

46%

517

653

26%

Other Territory

201

231

15%

721

1,123

56%

Grand Total

4,10,251

4,71,195

15%

7,70,747

8,74,223

13%

[1]Does not include GST on import of goods

[2] Post-Settlement GST is cumulative of the GST revenues of the States/UTs and the SGST portion of the IGST settled to the States/UTs