GST collections rise 11.5 per cent year-on-year to Rs 1.78 lakh crore in March, second-highest ever

In a notable improvement, the Goods and Services Tax (GST) assortment has surged by 11.5 per cent year-on-year (YoY), reaching a formidable Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this determine marks the second-highest assortment ever recorded, reflecting a sturdy efficiency in income technology regardless of prevailing financial circumstances.

GST assortment for final fiscal

The gross GST assortment for the final fiscal (April 2023-March 2024) stood at Rs 20.14 lakh crore, 11.7 per cent greater than the mop-up in the previous fiscal. The common month-to-month gross assortment for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the previous fiscal.

“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,” the ministry mentioned in an announcement.

When was highest-ever GST assortment recorded?

The highest-ever GST assortment was recorded at Rs 1.87 lakh crore in April 2023. GST income internet of refunds for March 2024 was Rs 1.65 lakh crore, 18.4 per cent greater over the identical interval a yr in the past.

What is Goods and Services Tax? 

The Goods and Services Tax (GST) is a successor to VAT used in India on the availability of products and companies. GST is a digitalized type of VAT the place you too can monitor the products & companies. Both VAT and GST have the identical taxation slabs. It is a complete, multistage, destination-based tax: complete as a result of it has subsumed nearly all of the oblique taxes besides just a few state taxes. The GST is split into 5 completely different tax slabs for assortment of tax: 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. However, petroleum merchandise, alcoholic drinks, and electrical energy should not taxed beneath GST and as an alternative are taxed individually by the person state governments. 

(With PTI inputs)

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