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 FY 24 stood at Rs 20.14 trillion, up by 11.7 per
cent when compared to FY 23.
According
to the Ministry, the average monthly collection for FY 24 was Rs 1.68 trillion,
exceeding the FY 23 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.
www.business-standard.com
dt. 02.04.2024