In March 2024, the nation witnessed a substantial surge in Gross Goods and Services Tax (GST) revenue, marking an impressive 11.5% increase compared to the same month in the previous year. The data released by the Finance Ministry on Monday revealed a remarkable collection of Rs 1.78 lakh crore, marking the second-highest collection ever recorded.
This surge was predominantly fueled by a notable uptick in GST collection from domestic transactions, soaring by 17.6%. Such a surge indicates a heightened level of economic activity during the month. The GST revenue, excluding refunds, amounted to Rs 1.65 lakh crore in March, showcasing a robust growth of 18.4% compared to the corresponding period last year.
For the entire fiscal year 2023-24, the total gross GST collection reached a significant milestone, totaling Rs 20.14 lakh crore, marking an 11.7% increase from the previous year's figures, as per official figures.
The average monthly collection for the fiscal year ending on March 31, 2024, now stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore. The GST revenue, excluding refunds, for the fiscal year 2023-24 as of March 2024 reached Rs 18.01 lakh crore, indicating a substantial growth of 13.4% over the same period last year, as reported by the finance ministry.
A breakdown of the March 2024 collections depicts a positive trend across various categories:
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, which includes Rs 40,322 crore collected on imported goods
Cess: Rs 12,259 crore, inclusive of Rs 996 crore collected on imported goods
Similar upward trends are observed in the entire fiscal year 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, with Rs 11,915 crore collected on imported goods
During March, the Central Government disbursed Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from the IGST collected.
For the fiscal year 2023-24, the central government allocated Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected, showcasing a substantial distribution.
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