March GST collection grows 11.5% to Rs 1.78 trillion, says FinMin

The Gross Goods and Services Tax (GST) collection in March registered an 11.5 per cent year-on-year growth at Rs 1.78 trillion, the Finance Ministry informed on Monday. 

The ministry said it was the second-highest GST collection ever, driven by a significant increase in tax collections from domestic transactions. The highest-ever GST collection was recorded at Rs 1.87 trillion in April 2023.

The gross total GST collection for FY24 stood at Rs 20.14 trillion, up by 11.7 per cent when compared to FY23. 

According to the Ministry, the average monthly collection for FY24 was Rs 1.68 trillion, exceeding the FY23 average of Rs 1.5 trillion. The GST revenue net of refunds as of March 2024 for the current fiscal year was at Rs 18.01 trillion, growing by 13.4 per cent over the same period last fiscal year.

For the month of March, while the Central Goods and Services Tax (CGST) was registered at Rs 34,532 crore, the State Goods and Services Tax (SGST) was Rs 43,746 crore. The Integrated Goods and Services Tax (IGST) stood at Rs 87,947 crore, including Rs 40,322 crore collected on imported goods, the finance ministry revealed.

In February, the GST collection increased by 12.5 per cent over January to over Rs 1.68 trillion. 

Earlier in January this year, the collections had hit the second highest monthly figure ever at over Rs 1.72 trillion, growing by 10.4 per cent over Rs 1.56 trillion from the same month in the previous year.