New Delhi: The Gross Goods and Services Tax (GST) revenue for March 2024 surged to ₹1.78 lakh crore, marking the second-highest collection ever and reflecting an 11.5% year-on-year growth. This remarkable increase was primarily driven by a significant rise in GST collection from domestic transactions, which saw a robust growth rate of 17.6%. Furthermore, the GST revenue net of refunds for March 2024 stood at ₹1.65 lakh crore, indicating a notable growth of 18.4% over the same period last year.
Strong and Consistent Performance in FY 2023-24
FY 2023-24 stands as a milestone year for GST collections, with the total gross GST collection surpassing ₹20 lakh crore, marking an impressive 11.7% increase compared to the previous fiscal year. The average monthly collection for this fiscal year stood at ₹1.68 lakh crore, surpassing the previous year’s average of ₹1.5 lakh crore. Additionally, the GST revenue net of refunds for the current fiscal year as of March 2024 amounted to ₹18.01 lakh crore, showcasing a robust growth rate of 13.4% over the same period last year.
Positive Performance Across Components
The breakdown of the March 2024 GST collections reveals positive trends across various components:
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
Similarly, the entire FY 2023-24 witnessed positive performance across components:
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 March 2024, the Central Government settled ₹43,264 crore to CGST and ₹37,704 crore to SGST from the IGST collected. This resulted in a total revenue of ₹77,796 crore for CGST and ₹81,450 crore for SGST for March 2024 after regular settlement. Furthermore, for FY 2023-24, the central government settled ₹4,87,039 crore to CGST and ₹4,12,028 crore to SGST from the IGST collected.
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