India’s gross GST revenues hit their second-highest level in March. File
| Photo Credit: Reuters
India’s gross Goods and Services Tax (GST) revenues hit their second-highest level of ₹1,78,484 crore in March, at the same time as the expansion fee in tax collections slowed to 11.5% from 12.5% in February. This lifted the entire tally from the oblique tax for 2023-24 to ₹20.14 lakh crore, reflecting a development of 11.7% over the earlier yr.
The web GST revenues, after accounting for refunds, grew at a sooner tempo of 18.4% in March to the touch ₹1.65 lakh crore, in contrast with February once they had grown 13.6% to ₹1.51 lakh crore. For the total monetary yr, web GST revenues had been ₹18.01 lakh crore, marking a 13.4% year-on-year development.
Gross revenues from home transactions (that sometimes contains taxes on companies imports additionally) grew 17.6% in March, in contrast with a 13.9% rise in February. While the Finance Ministry didn’t share the expansion trajectory for revenues from items imports, a calculation by The Hindu signifies shrank about 5% in March, after recording an 8.5% uptick in February.
“Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%,” the Finance Ministry mentioned in an announcement. The highest-ever GST assortment was recorded at ₹1.87 lakh crore in April 2023.
(With inputs from PTI)
