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.
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.
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.
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.