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