GST Collection Surged, Hits 1.78 Lakh Crore

The finance ministry announced on Monday that GST collections in March saw a growth of 11.5 percent, reaching ₹1.78 lakh crore, largely due to increased domestic transactions.

For the entire fiscal year spanning from April 2023 to March 2024, the gross GST collection amounted to ₹20.14 lakh crore, marking an 11.7 percent surge compared to the previous fiscal year.

The average monthly gross collection for FY24 was ₹1.68 lakh crore, surpassing the ₹1.5 lakh crore recorded in the preceding fiscal year.

According to a statement from the ministry, the March 2024 GST revenue reached the second-highest collection ever at ₹1.78 lakh crore, with a year-on-year growth of 11.5 percent. This growth was primarily propelled by a notable increase in GST collection from domestic transactions, which surged by 17.6 percent.

The highest-ever GST collection to date was recorded at ₹1.87 lakh crore in April 2023.

In the meantime, the entire fiscal year 2023-24, the gross GST revenue amounted to Rs 20.14 lakh crore, surpassing the Rs 20 lakh crore mark, reflecting an 11.7 percent increase compared to the previous year.

The average monthly collection for this fiscal year stands at Rs 1.68 lakh crore, exceeding the previous year’s average of Rs 1.5 lakh crore. As of March 2024, the GST revenue net of refunds for the current fiscal year amounts to Rs 18.01 lakh crore, representing a growth of 13.4 percent over the same period last year.