India's GST collection surges 11.5% in March to ₹1.78L crore
India's Goods and Services Tax (GST) collection saw a significant increase of 11.5% in March, accumulating ₹1.78 lakh crore, according to the Finance Ministry. This surge was primarily driven by domestic transactions, which grew by an impressive 17.6%. The Ministry stated that the gross GST revenue for March 2024 marked the second highest collection ever.
Fiscal year GST collection marks 11.7% increase
The gross GST collection for the last fiscal year (April 2023-March 2024) reached ₹20.14 lakh crore, indicating an 11.7% rise from the previous fiscal year's collection. The average monthly gross collection for FY24 was ₹1.68 lakh crore, surpassing the previous fiscal's average of ₹1.5 lakh crore. April 2023 holds the record for the highest-ever GST collection in a single month, with a total of ₹1.87 lakh crore.
March 2024 GST revenue marks 18.4% increase post-refunds
The revenue from GST, after accounting for refunds in March 2024, was ₹1.65 lakh crore. This figure represents an impressive increase of 18.4% compared to the same period in the previous year. Despite not surpassing April 2023's record-breaking collection of ₹1.87 lakh crore, this substantial growth underscores the robust performance of India's domestic transactions during this period.