 collection to Rs 1.78 lakh crore. This is the second-highest ...){kind=link}
March 2024 saw an 11.5 percent annual increase in goods and service tax (GST) collection to Rs 1.78 lakh crore. This is the second-highest amount since the regime’s implementation in July 2017.
According to a press release issued by the Finance Ministry on Monday, there was a “significant rise in GST collection from domestic transactions at 17.6%” in March, which is what is responsible for the increase in tax revenue. In March, GST revenue, net of refunds, increased 18.4% year over year to Rs 1.65 lakh billion.
Breaking Down GST Data-
- Out of Total Revenue, Central Goods and Services Tax (CGST) collected is Rs 34,532 crore,
- State Goods and Services Tax (SGST) collected Rs 43,746 crore and
- Integrated Goods and Services Tax (IGST) collected Rs 87,947 crore. The IGST includes Rs 40,322 crore collected on imported goods.
- Moreover, the cess collection stands at Rs 12,259 crore including Rs.996 crore collected from imported goods.
In April 2023, the highest-ever GST collection of Rs 1.87 lakh crore was reported. With a 12.5% increase to Rs 1.7 lakh crore in February, GST collection reached its fifth-highest level since the program’s implementation.
The amount of GST collected in FY24 has increased by 11.7% to Rs 20.14 lakh crore. In FY24, the average monthly GST collection has increased from Rs 1.5 lakh crore to Rs 1.68 lakh crore. For the entire fiscal year, GST revenue, net of refunds, increased by 13.4% YOY to Rs 18.01 lakh crore.