GST revenue for March saw the second highest collection ever at ₹1.78 lakh crore, seeing a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%.
GST revenue net of refunds for March is ₹1.65 lakh crore, a growth of 18.4% over same period last year.
FY 2023-24 marks a milestone with total gross GST collection of Rs 20.14 lakh crore exceeding ₹20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at ₹1.68 lakh crore, surpassing the previous year’s average of ₹1.5 lakh crore.
GST revenue net of refunds as of March for the current fiscal year is ₹18.01 lakh crore which is a growth of 13.4% over same period last year.
Breakdown of March 2024 Collections:
Central Goods and Services Tax (CGST): ₹34,532 crore; State Goods and Services Tax (SGST): ₹43,746 crore; Integrated Goods and Services Tax (IGST): ₹87,947 crore, including ₹40,322 crore collected on imported goods; Cess: ₹12,259 crore, including ₹996 crore collected on imported goods.