In March 2024, India’s Goods and Services Tax (GST) collections surged to ₹1.78 lakh crore, reflecting an 11.5% growth driven by robust domestic transactions, as announced by the finance ministry on Monday. This figure contributed to a remarkable gross GST collection of ₹20.14 lakh crore for the fiscal year spanning April 2023 to March 2024, representing an 11.7% increase compared to the previous fiscal year.
The ministry highlighted that the average monthly gross GST collection for FY24 surpassed ₹1.5 lakh crore, standing at ₹1.68 lakh crore. Notably, this milestone marks the second-highest GST collection ever recorded, trailing closely behind the peak of ₹1.87 lakh crore achieved in April 2023.
The substantial growth in GST revenue from domestic transactions, which surged by 17.6%, played a pivotal role in driving the overall collection figures for March 2024. Additionally, the GST revenue net of refunds for March amounted to ₹1.65 lakh crore, marking an impressive 18.4% increase compared to the corresponding period in the previous year.
The finance ministry’s statement underscores the resilience and buoyancy of India’s GST system, showcasing its capacity to generate robust revenue streams even amidst economic fluctuations. This positive trend in GST collections reflects a strong foundation for India’s fiscal landscape and economic recovery efforts.
Sources By Agencies