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.