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March 2024 GST Collection Surges

In March 2024, the Goods and Service Tax (GST) collection in India witnessed a notable surge, marking the second-highest since its inception in July 2017. The month’s collection amounted to Rs 1.78 lakh crore, reflecting an 11.5% increase compared to the previous year.

Key Highlights

  •    March 2024 Collection

  • GST collection for March 2024 reached Rs 1.78 lakh crore, marking an 11.5% increase year-on-year.
  • This figure represents the second-highest monthly collection since the implementation of GST.
  • Domestic Transactions Boost

  • The rise in March’s GST collection is primarily attributed to a significant increase of 17.6% in GST collection from domestic transactions.
  • Net Revenue Growth

  • GST revenue, net of refunds, surged by 18.4% year-on-year in March, totaling Rs 1.65 lakh crore.
  • FY24 Performance

  • For the financial year 2023-24, GST collection soared by 11.7% to Rs 20.14 lakh crore.
  • The average monthly GST collection in FY24 rose to Rs 1.68 lakh crore, compared to Rs 1.5 lakh crore in the previous fiscal year.
  • GST revenue net of refunds for the entire financial year stood at Rs 18.01 lakh crore, indicating a substantial 13.4% increase over the previous year’s figures.
  • Historical Context

  • The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.
  • February 2024 witnessed a 12.5% growth in GST collection, reaching Rs 1.7 lakh crore, which stands as the fifth-highest collection since the GST rollout.
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