GST Collections Soar to Rs 1.78 Lakh Crore in March 2024

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GST Collections Soar to Rs 1.78 Lakh Crore in March 2024

| Updated: April 1, 2024 17:24

The Finance Ministry announced on Monday that the Goods and Services Tax (GST) collections for March 2024 have seen an impressive growth of 11.5%, reaching Rs 1.78 lakh crore. This surge is primarily attributed to an increase in domestic transactions.

The gross GST collection for the fiscal year 2023-2024 stood at a robust Rs 20.14 lakh crore, marking an 11.7% increase compared to the previous fiscal year. The average monthly gross collection for the fiscal year 2024 was Rs 1.68 lakh crore, surpassing the Rs 1.5 lakh crore from the preceding fiscal year.

The GST revenue for March 2024 is the second-highest collection ever recorded, with a year-on-year growth of 11.5%. The ministry highlighted that this significant increase was driven by a 17.6% rise in GST collection from domestic transactions.

The record for the highest-ever GST collection is held by April 2023, which saw collections amounting to Rs 1.87 lakh crore. After accounting for refunds, the net GST revenue for March 2024 was Rs 1.65 lakh crore, an 18.4% increase over the same period in the previous year.

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