The authorities has launched GST assortment information for March 2024. (Photo: Shutterstock)
March 2024 sees the second-highest month-to-month gross GST income assortment at Rs 1.78 lakh crore
Gross GST assortment in March 2024 jumped 11.5 per cent yr-on-yr (YoY) to Rs 1,78 lakh crore, in line with an official assertion launched on Monday. It is the second-highest month-to-month gross GST income assortment in March at Rs 1.78 lakh crore.
“Gross good and services tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with an 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. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is growth of 18.4 per cent over same period last year,” the finance ministry mentioned within the assertion.
According to the assertion, FY 2023-24 marks a milestone with a complete gross GST assortment of Rs 20.14 lakh crore exceeding Rs 20 lakh crore, an 11.7 per cent improve in comparison with the earlier yr. The common month-to-month assortment for this fiscal yr stands at Rs 1.68 lakh crore, surpassing the earlier yr’s common of Rs 1.5 lakh crore.
GST income internet of refunds as of March 2024 for the present fiscal yr is Rs 18.01 lakh crore which is a progress of 13.4 per cent over the identical interval final yr.
“In the month of March, 2024, the central government settled Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from the IGST collected. This translates to a total revenue of Rs 77,796 crore for CGST and Rs 81,450 crore for SGST for March 2024 after regular settlement. For the FY 2023-24, the central government settled Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected,” the ministry said.
Breakdown of March 2024 Collections:
- Central Goods and Services Tax (CGST): ₹34,532 crore;
- State Goods and Services Tax (SGST): ₹43,746 crore;
- Integrated Goods and Services Tax (IGST): ₹87,947 crore, together with ₹40,322 crore collected on imported items;
- Cess: ₹12,259 crore, together with ₹996 crore collected on imported items.
Similar constructive tendencies are noticed in all the FY 2023-24 collections:
- Central Goods and Services Tax (CGST): ₹3,75,710 crore;
- State Goods and Services Tax (SGST): ₹4,71,195 crore;
- Integrated Goods and Services Tax (IGST): ₹10,26,790 crore, together with ₹4,83,086 crore collected on imported items;
- Cess: ₹1,44,554 crore, together with ₹11,915 crore collected on imported items.
