March sees second highest monthly GST revenue since 2017

New Delhi: The Goods and Services Tax (GST) revenue in March stood at Rs 1.78 lakh crore. This is the second highest since GST was introduced in 2017. GST collection in last month reported  a 11.5% growth over the collections in the same month a year ago.

As per data released by the Union finance ministry, the fiscal year 2023-24 witnessed a total gross GST collection exceeding Rs 20 lakh crore. This is an 11.7% increase from the previous year. Monthly collections averaged Rs 1.68 lakh crore, up from Rs 1.5 lakh crore last year. The net GST revenue for FY 2023-24 stood at Rs 18.01 lakh crore, a 13.4% growth over the previous year.

March 2024 saw positive performance across various components:

Central Goods and Services Tax (CGST): Rs 34,532 crore

State Goods and Services Tax (SGST): Rs 43,746 crore

Integrated Goods and Services Tax (IGST): Rs 87,947 crore (including Rs 40,322 crore on imported goods)

Cess: Rs 12,259 crore (including Rs 996 crore on imported goods)

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Similar trends were observed throughout FY 2023-24:

CGST: Rs 3,75,710 crore

SGST: Rs 4,71,195 crore

IGST: Rs 10,26,790 crore (including Rs 4,83,086 crore on imported goods)

Cess:Rs 1,44,554 crore (including Rs 11,915 crore on imported goods)

In March 2024, Union government  distributed Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from IGST collected. This totalled Rs 77,796 crores for CGST and Rs 81,450 crore for SGST after regular settlement. Throughout FY 2023-24, the central government settled Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from IGST collected.