GST collections hit Rs 1.78 lakh crore in March, second highest since roll-out

PTI

New Delhi, April 1

GST collections in March grew 11.5 per cent to Rs 1.78 lakh crore on higher domestic sales, the finance ministry said on Monday.

The gross GST collection for the last fiscal (April 2023-March 2024) stood at Rs 20.18 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal.

The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal.

"Gross Good and Services Tax (GST) revenue for 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 ministry said in a statement.

The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.

Experts said the double-digit increase in monthly GST collection underscores the resilience of economy and paves way for next generation GST reforms.

The ministry said GST collections have shown "strong consistent performance" in 2023-24 and the fiscal ended March 31 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.

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 the just-concluded fiscal, 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. 

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