GST Revenue in March 2024 Surge 11.5% YoY, Hits Rs 1.78 Lakh Crore Mark, Second-Highest Ever

Second highest monthly Gross GST Revenue collection in March at Rs 1.78 lakh crore; Records 11.5% y-o-y growth (18.4% on net basis)

Yearly gross revenue Rs 20.14 lakh crore; 11.7% growth (13.4% on net basis)

Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is growth of 18.4% over same period last year.

Strong Consistent Performance in FY 2023-24: FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.14 lakh crore exceeding Rs 20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore. GST revenue net of refunds as of March 2024 for the current fiscal year is Rs 18.01 lakh crore which is a growth of 13.4% over same period last year.

Positive Performance Across Components

Breakdown of March 2024 Collections

• Central Goods and Services Tax (CGST): Rs 34,532 crore;
• State Goods and Services Tax (SGST): Rs 43,746 crore;
• Integrated Goods and Services Tax (IGST): Rs 87,947 crore, including Rs 40,322 crore collected on imported goods;
• Cess: Rs 12,259 crore, including Rs 996 crore collected on imported goods.

Similar positive trends are observed in the entire FY 2023-24 collections

• Central Goods and Services Tax (CGST): Rs 3,75,710 crore;
• State Goods and Services Tax (SGST): Rs 4,71,195 crore;
• Integrated Goods and Services Tax (IGST): Rs 10,26,790 crore, including Rs 4,83,086 crore collected on imported goods;
• Cess: Rs 1,44,554 crore, including Rs 11,915 crore collected on imported goods.

Inter-Governmental Settlement: In the month of March, 2024, the Central Government settled Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from the IGST collected. This translates to a total revenue of Rs 77,796 crore for CGST and Rs 81,450 crore for SGST for March, 2024 after regular settlement. For the FY 2023-24, the central government settled Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of March, 2024 as compared to March, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of March, 2024.

Chart: Trends in GST Collection

Table 1: State-wise growth of GST Revenues during March, 2024

Table-2: SGST & SGST portion of IGST settled to States/UTs April-March (Rs. in crore)