Indian Economy News

Second highest monthly Gross GST Revenue collection in March at US$ 21.3 billion (Rs. 1.78 lakh crore); Records 11.5% y-o-y growth (18.4% on a net basis).

In March 2024, GST revenue soared to US$ 21.3 billion (Rs. 1.78 lakh crore), marking the second-highest collection ever, with an 11.5% year-on-year growth. The surge was primarily driven by a remarkable 17.6% increase in GST collection from domestic transactions. After refunds, net GST revenue for March 2024 reached US$ 19.8 billion (Rs. 1.65 lakh crore), reflecting an impressive 18.4% growth over the same period last year. The fiscal year 2023-24 witnessed consistent growth, with total gross GST collection exceeding US$ 239.8 billion (Rs. 20 lakh crore), a notable 11.7% increase compared to the previous year. The average monthly collection for the fiscal year stood at US$ 20.2 billion (Rs. 1.68 lakh crore), surpassing the previous year's average of US$ 18 billion (Rs. 1.5 lakh crore). Notably, the net GST revenue for FY24 as of March 2024 reached US$ 216 billion (Rs. 18.01 lakh crore), demonstrating a robust growth of 13.4% over the corresponding period last year.

Positive trends were observed across various components, with CGST, SGST, IGST, and Cess collections showing significant growth. Inter-governmental settlements further contributed to the robust revenue figures, with the Central Government settling substantial amounts of CGST and SGST from the IGST collected. State-wise figures of GST collections for March 2024 compared to March 2023 and post-settlement GST revenue figures till March 2024 offer insights into the distribution and trends of GST revenue across different states, indicating a broad-based improvement in revenue collection nationwide.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.