New Delhi: Gross Good and Services Tax (GST) revenue for March 2024 stood at ₹1.78 lakh crore, marking the second-highest collection ever and reflecting a robust 11.5% year-on-year growth, a PIB press release stated.
The ‘exceptional’ performance was primarily attributed to a significant 17.6% rise in GST collection from domestic transactions. Furthermore, GST revenue net of refunds for March 2024 surged to ₹1.65 lakh crore, representing a substantial 18.4% growth compared to the corresponding period in the previous year.
The net revenue of GST after tax refunds for March 2024 is Rs 1.65 lakh crore, which is a 18.4 percent growth rate when compared to the same month last year. According to the information received, the total amount of GST revenue collected by the central government in the current fiscal year is Rs 20.14 lakh crore, which is 11.7 percent more than the previous year.
The average monthly collection of GST for this fiscal year is Rs 1.68 lakh crore, which is higher than the average monthly collection of Rs 1.5 lakh crore of the previous year. The increase in GST revenue is mainly because of the rise in tax collection on imported goods. The breakdown of the March 2024 collections shows that the Central Goods and Services Tax (CGST) was Rs 34,532 crore, the State Goods and Services Tax (SGST) was Rs 43,746 crore, the Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, including Rs 40,322 crore collected on imported goods, and CESS was Rs 12,259 crore, including Rs 996 crore collected on imported goods.
The government expects that the total amount of GST revenue collected in the current fiscal year will reach Rs 20.14 lakh crore, which is 11.7 percent more than the previous year.
Also read: ‘Siddaramaiah’s tax devolution allegations lack solid grounds,’ says Union Minister Pralhad Joshi