March GST collection second-highest ever at Rs 1.78 lakh crore; 11.5% growth YoY

GST revenue for March saw the second highest collection ever at ₹1.78 lakh crore, seeing 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 is ₹1.65 lakh crore, a growth of 18.4% over same period last year.

FY 2023-24 marks a milestone with total gross GST collection of Rs 20.14 lakh crore exceeding ₹20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at ₹1.68 lakh crore, surpassing the previous year’s average of ₹1.5 lakh crore.

GST revenue net of refunds as of March for the current fiscal year is ₹18.01 lakh crore which is a growth of 13.4% over same period last year.

Breakdown of March 2024 Collections:

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.