Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second-highest collection ever at Rs 1.78 lakh crore, with an 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 2024 is Rs 1.65 lakh crore, which is a growth of 18.4% over the same period last year.
Strong Consistent Performance in FY 2023-24: FY 2023-24 marks a milestone with a total gross GST collection of Rs. 20.14 lakh crore exceeding Rs 20 lakh crore, an 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore. GST revenue net of refunds as of March 2024 for the current fiscal year is Rs 18.01 lakh crore, which is a growth of 13.4% over the same period last year.
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Breakdown of March 2024 Collections:
Central Goods and Services Tax (CGST): Rs 34,532 crore;State Goods and Services Tax (SGST): Rs 43,746 crore;Integrated Goods and Services Tax (IGST): Rs 87,947 crore, including Rs 40,322 crore collected on imported goods;Cess: ₹12,259 crore, including ₹996 crore collected on imported goods.
Similar positive trends are observed in the entire FY 2023-24 collections:
Central Goods and Services Tax (CGST): Rs 3,75,710 crore;State Goods and Services Tax (SGST): Rs 4,71,195 crore;Integrated Goods and Services Tax (IGST): Rs 10,26,790 crore, including Rs 4,83,086 crore collected on imported goods;Cess: Rs 1,44,554 crore, including Rs 11,915 crore collected on imported goods.
Inter-Governmental Settlement: In the month of March, 2024, the Central Government settled ₹43,264 crore to CGST and ₹37,704 crore to SGST from the IGST collected. This translates to a total revenue of ₹77,796 crore for CGST and ₹81,450 crore for SGST for March, 2024 after regular settlement. For the FY 2023-24, the central government settled ₹4,87,039 crore to CGST and ₹4,12,028 crore to SGST from the IGST collected.
The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of March, 2024 as compared to March, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of March, 2024.