GST Collection In March 2024: The finance ministry said on Monday that GST collections in March increased by 11.5 percent to Rs 1.78 lakh crore, buoyed by domestic transactions. The gross GST collection for the last fiscal (April 2023-March 2024) stood at Rs 20.14 lakh crore, which is 11.7 percent higher than the previous fiscal.
The average monthly gross GST collection for FY24 has been at Rs 1.68 lakh crore, which is higher than the Rs 1.5 lakh crore collected in the previous fiscal year.
"Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with an 11.5 percent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 percent," the ministry said in a statement.
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The Finance Ministry said in a press release on Monday that the rise in GST collections in March was due to a 'significant increase of 17.6 percent in GST collections from domestic transactions'. GST net income from refunds rose 18.4% year-on-year to Rs 1.65 lakh crore in March.
Out of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was at Rs 43,746 crore, Integrated Goods and Services Tax (IGST) stood at Rs 87,947 crores, of which Rs 40,322 crores was from imported goods. A total of Rs 12,259 crore cess collection was reported.
GST collections increased by 11.7% to Rs 20.14 lakh crore in FY24. Average monthly GST collections in FY24 increased to Rs 1.68 lakh crore from Rs 1.5 lakh crore a year ago. Refunds GST net income for the full financial year was Rs 18.01 lakh crore, which is 13.4% YoY.
The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023. The GST revenue net of refunds for March 2024 was Rs 1.65 lakh crore, which is 18.4 percent higher than the same period a year ago.
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(With PTI Input)