At Rs 1.78L cr, GST collection in March second-highest ever

Tribune News Service

Sandeep Dikshit

New Delhi, April 1

Gross Good and Services Tax (GST) revenue for March witnessed the second-highest ever collection at Rs. 1.78 lakh crore, a 11.5 per cent year-on-year growth. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.

“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 is Rs 1.65 lakh crore, a growth of 18.4 per cent over the same period last year.

Total Rs 20.14L cr intake in last financial year

• The total gross GST collection in FY23-24 stands at Rs 20.14 lakh crore, an increase of 11.7% over the previous year
• The average monthly collection for the last fiscal is Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore

“Strong consistent performance in 2023-24 marks a milestone with the total gross GST collection of Rs. 20.14 lakh crore exceeding Rs. 20 lakh crore, a 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 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.

Of the total revenue collected in March, Central Goods and Services Tax (CGST) accounted for 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 are observed in the entire 2023-24 fiscal collections, with CGST Rs 3,75,710 crore, SGST Rs 4,71,195 crore, IGST Rs 10,26,790 crore, Cess Rs 1,44,554 crore.

In March, 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, after regular settlement.

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