GST Collections In March 2024 Jump 11.5% YoY To Rs 1.78 Lakh Crore; Second-Highest Collection

Gross GST collection in March 2024 jumped 11.5 per cent year-on-year (YoY) to Rs 1,78 lakh crore, according to an official statement released on Monday. It is the second-highest monthly gross GST revenue collection in March at Rs 1.78 lakh crore.

“Gross good and services tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with an 11.5 per cent year-on-year growth. This 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,” the finance ministry said in the statement.

According to the statement, FY 2023-24 marks a milestone with a total gross GST collection of Rs 20.14 lakh crore exceeding Rs 20 lakh crore, an 11.7 per cent increase compared 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 the 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 ministry stated.

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.