India's GST Collection In March Second-Highest Ever; Grows 11.5% To Rs 1.78 Lakh Crore

This substantial surge was primarily attributed to a robust upswing in GST collections from domestic transactions, registering an impressive growth rate of 17.6 per cent

The average monthly gross collection for FY24 reached Rs 1.68 lakh crore, surpassing the milestone of Rs 1.5 lakh crore achieved in the previous fiscal year.

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GST collection: The Ministry of Finance on Monday announced that gross collections of Goods and Services Tax (GST) for March 2024 soared to Rs 1.78 lakh crore, marking an 11.5 per cent increase compared to the same period last year. This substantial surge was primarily attributed to a robust upswing in GST collections from domestic transactions, registering an impressive growth rate of 17.6 per cent.

The March 2024 collection stands as the second-highest ever recorded since the inception of GST. Notably, the fiscal year (April 2023-March 2024) concluded with a gross GST collection totalling Rs 20.14 lakh crore, reflecting a noteworthy 11.7 per cent escalation compared to the preceding fiscal year.

Furthermore, the average monthly gross collection for FY24 reached Rs 1.68 lakh crore, surpassing the milestone of Rs 1.5 lakh crore achieved in the previous fiscal year. For March 2024, the GST revenue net of refunds surged to Rs 1.65 lakh crore, marking an impressive 18.4 per cent increase over the corresponding period in the previous year.

Central disbursement to states

The central government's disbursement in March amounted to Rs 43,264 crore to the Central Goods and Services Tax (CGST) and Rs 37,704 crore to the State Goods and Services Tax (SGST) from the Integrated Goods and Services Tax (IGST) collected. Consequently, the total revenue for CGST and SGST for March 2024, following regular settlements, reached Rs 77,796 crore and Rs 81,450 crore, respectively.

Looking at the fiscal year as a whole, the central government disbursed Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected during FY23-24. This robust growth in GST collections reflects the resilience of the Indian economy and underscores its steady path to recovery amidst the ongoing global economic challenges, as per a report by the Finance Ministry.

State-wise growth of GST revenues during March, 2024

State/UT	Mar-23	Mar-24	Growth (%)
Jammu and Kashmir	477	601	26
Himachal Pradesh	739	852	15
Punjab	1,735	2,090	20
Chandigarh	202	238	18
Uttarakhand	1,523	1,730	14
Haryana	7,780	9,545	23
Delhi	4,840	5,820	20
Rajasthan	4,154	4,798	15
Uttar Pradesh	7,613	9,087	19
Bihar	1,744	1,991	14
Sikkim	262	303	16
Arunachal Pradesh	144	168	16
Nagaland	58	83	43
Manipur	65	69	6
Mizoram	70	50	-29
Tripura	90	121	34
Meghalaya	202	213	6
Assam	1,280	1,543	21
West Bengal	5,092	5,473	7
Jharkhand	3,083	3,243	5
Odisha	4,749	5,109	8
Chhattisgarh	3,017	3,143	4
Madhya Pradesh	3,346	3,974	19
Gujarat	9,919	11,392	15
Dadra and Nagar Haveli and Daman & Diu	309	452	46
Maharashtra	22,695	27,688	22
Karnataka	10,360	13,014	26
Goa	515	565	10
Lakshadweep	3	2	-18
Kerala	2,354	2,598	10
Tamil Nadu	9,245	11,017	19
Puducherry	204	221	9
Andaman and Nicobar Islands	37	32	-14
Telangana	4,804	5,399	12
Andhra Pradesh	3,532	4,082	16
Ladakh	23	41	82
Other Territory	249	196	-21
Center Jurisdiction	142	220	55
Grand Total	1,16,659	1,37,166	18

Source: Ministry of Finance