Gross GST revenue collection 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.
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.
Breakdown of 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.
Inter-Governmental Settlement:
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.
Strong Consistent Performance in FY 2023-24:
FY 2023-24 marks a milestone with total gross GST collection of ₹ 20.14 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.
The chart below shows trends in monthly gross GST revenues during the current year 2023-24 as compared to previous year 2022-23.
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Title Tags: Key Highlights of March 2024 GST Revenue Collection Report; Breaking Down India's GST Revenue Collection for March 2024; Government Analyses March 2024 GST Revenue