GST collections surge to Rs 1.78 lakh crore in March, second highest since roll-out

New Delhi, April 1, 2024 (TBB Bureau):

The Finance Ministry on Monday said that GST collections for March soared to Rs 1.78 lakh crore, marking an impressive 11.5 percent growth driven by robust domestic transactions.

For the fiscal year spanning from April 2023 to March 2024 (FY24), gross GST collection reached a commendable Rs 20.18 lakh crore, reflecting a notable 11.7 percent increase compared to the previous fiscal year’s revenue.

The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, surpassing the Rs 1.5 lakh crore mark recorded in the preceding fiscal year.

“Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent,” the ministry said in a statement.

It’s noteworthy that the highest-ever GST collection was achieved in April 2023, amounting to Rs 1.87 lakh crore.

Further emphasizing the positive trend, GST revenue net of refunds for March 2024 reached Rs 1.65 lakh crore, marking an impressive 18.4 percent surge compared to the corresponding period last year.