Mumbai : The finance ministry has said that Goods and Services Tax (GST) collections in March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.
The Ministry highlighted that GST collections have shown strong consistent performance in the financial year 2023-24 (FY24) and the fiscal ended March 31, 2024 marks a milestone with total gross GST collection of Rs 20.18 lakh crore, a 11.7 per cent increase compared to the previous year. The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal.
It further said GST revenue net of refunds as of March 2024 is Rs 18.01 lakh crore, which is a growth of 13.4 per cent over the same period a year ago. During FY24, Central (GST) collection was Rs 3.76 lakh crore, State GST was Rs 4.71 lakh crore; Integrated GST was 10.27 lakh crore, including Rs 4.83 lakh crore collected on imported goods. Cess collection was Rs 1.44 lakh crore, including Rs 11,915 crore collected on imported goods.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
