India’s economic rebound showcased its resilience as Gross Goods and Services Tax (GST) revenue soared to an impressive ₹1.78 lakh crore in March 2024, marking the second-highest collection ever. This substantial figure reflects an impressive 11.5% year-on-year growth, highlighting the nation’s consistent fiscal progress despite global challenges.
The notable uptick in GST revenue for March 2024 can be attributed primarily to a remarkable 17.6% increase in GST collection from domestic transactions. Moreover, when factoring in refunds, the net GST revenue for March stands at a commendable ₹1.65 lakh crore, marking an impressive 18.4% growth compared to the same period last year.
Strong Consistent Performance in FY 2023-24
The fiscal year 2023-24 has proven to be a milestone period for GST collections, with the total gross GST collection surpassing ₹20 lakh crore, a notable 11.7% increase compared to the preceding year. The average monthly collection for FY 2023-24 stands at ₹1.68 lakh crore, significantly surpassing the previous year’s average of ₹1.5 lakh crore. The net GST revenue for the current fiscal year, as of March 2024, stands at ₹18.01 lakh crore, showcasing a commendable 13.4% growth over the corresponding period last year.
Positive Performance Across Components
A detailed breakdown of the March 2024 GST collections reveals positive performance across various components:
Central Goods and Services Tax (CGST): ₹34,532 crore
State Goods and Services Tax (SGST): ₹43,746 crore
Integrated Goods and Services Tax (IGST): ₹87,947 crore, including ₹40,322 crore collected on imported goods
Cess: ₹12,259 crore, including ₹996 crore collected on imported goods
Similar positive trends are reflected in the overall FY 2023-24 collections, with substantial contributions from each component.
Inter-Governmental Settlement
In March 2024, the Central Government settled ₹43,264 crore to CGST and ₹37,704 crore to SGST from the IGST collected. This settlement translated to a total revenue of ₹77,796 crore for CGST and ₹81,450 crore for SGST for March 2024, following regular settlement procedures. Throughout FY 2023-24, the central government settled ₹4,87,039 crore to CGST and ₹4,12,028 crore to SGST from the IGST collected, further bolstering the revenue streams of both central and state governments.
