March GST collection up 11.5% YoY at Rs 1.78 lakh cr, FY24 mop-up crosses Rs 20 lakh cr

Goods and services tax collection in March 2024 rose 11.5 percent year-on-year to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017.

The Ministry of Finance said in a press release on Monday that the increase in GST collection in March can be attributed to "a significant increase in GST collection from domestic transactions of 17.6 percent." Net GST revenue from March refunds rose 18.4 percent year-on-year to Rs 1.65 lakh crore.

Of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was Rs 43,746 crore, and Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, including Rs 40,322 crore collected on imported goods. The Cess collections stood at Rs 12,259 crore, including Rs 996 crore collected on imported goods.

The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023. GST collection in February registered a growth of 12.5 percent to Rs 1.7 lakh crore, the fifth highest since the roll-out.

The GST collection for FY24 saw an increase of 11.7 percent to Rs 20.14 lakh crore. The average GST collected per month in FY24 increased to Rs 1.68 lakh crore from Rs 1.5 lakh crore the year before. The net GST revenue net of refunds for the entire financial year was Rs 18.01 lakh crore, up 13.4 percent YoY.

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