March GST collection up 11.5% YoY at Rs 1.78 lakh cr, FY24 mop-up crosses Rs 20 lakh cr

Goods and Service Tax collection in the month of March 2024 rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017.

The rise of GST collection in March can be attributed to the 'significant rise in GST collection from domestic transactions at 17.6 per cent,' the Finance Ministry said in a press release on Monday. GST revenue net of refunds in March grew 18.4 per cent on a year-on-year basis to Rs 1.65 lakh crore.

Of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was Rs 43,746 crore and Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, including Rs 40,322 crore collected on imported goods. The Cess collections stood at Rs 12,259 crore, including Rs 996 crore collected on imported goods.

TOP 5 GST COLLECTIONS	AMOUNT
APRIL 2023	Rs 1.87 lakh crore
MARCH 2024	Rs 1.78 lakh crore
JANUARY 2024	Rs 1.74 lakh crore
OCTOBER 2023	Rs 1.72 lakh crore
FEBRUARY 2024	Rs 1.7 lakh crore

The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023. GST collection in February registered a growth of 12.5 per cent to Rs 1.7 lakh crore, the fifth highest since the roll-out.

GST collection for FY24 saw an increase of 11.7 per cent at Rs 20.14 lakh crore. The average GST collected per month in FY24 rose to Rs 1.68 lakh crore from Rs 1.5 lakh crore the year before. GST revenue net of refunds for the whole financial year stood at Rs 18.01 lakh crore, up 13.4 per cent YoY.