GST Collection in March 2024 Secures 2nd Highest Since July 2017

In March 2024 Goods and Service Tax collection rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017.

In March the rise of GST collection can be attributed to the rise in GST collection from domestic transactions at 17.6 per cent,’ the Finance Ministry stated in a press release. GST revenue net of refunds in March grew 18.4 per cent on a year-on-year basis to Rs 1.65 lakh crore.

Out 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, along with Rs 40,322 crore collected through the imported goods. The Cess collections stood at Rs 12,259 crore, along with Rs 996 crore collected via imported goods.

Top Five GST Collections	Total Amount
April 2023	INR 1.87 Lakh Crore
March 2024	INR 1.78 Lakh Crore
January 2024	INR 1.74 Lakh Crore
October 2023	INR 1.72 Lakh Crore
February 2024	INR 1.7 Lakh Crore

Rs 1.87 lakh crore in April 2023 is the highest-ever GST collection recorded. A growth of 12.5 per cent to Rs 1.7 lakh crore is registered in February GST collection marking the 5th highest since the GST incorporation.

Read Also: GST Collection in February Reaches INR 1,68,337 Lakh Crore in 2024

An increase of 11.7 per cent at Rs 20.14 lakh crore is witnessed which is the highest ever GST collection for FY24. In FY24 the average GST collected per month rose to Rs 1.68 lakh crore from Rs 1.5 lakh crore the year before. For the entire fiscal year GST revenue net of refunds stood at Rs 18.01 lakh crore, up 13.4 per cent YoY.