Y 2023-24 Witnesses Historic Milestone with Total Gross GST Collection Exceeding ₹20 Lakh Crore
The Goods and Services Tax (GST) collection for March 2024 has surged to a staggering Rs 1.78 lakh crore, marking the second-highest collection ever recorded and showcasing a robust year-on-year growth of 11.5%. This remarkable achievement reflects the resilience and buoyancy of India’s economy amidst evolving global and domestic challenges.
FY 2023-24: Setting New Records
The fiscal year 2023-24 has been monumental for GST collections, with the total gross GST collection surpassing the Rs 20 lakh crore mark, amounting to Rs 20.14 lakh crore. This represents a remarkable 11.7% increase compared to the previous fiscal year, underscoring the steady expansion of India’s tax base and economic activity.
Key Highlights of March 2024 Collection:
- Domestic Transaction Surge: A significant rise in GST collection from domestic transactions, registering a robust growth rate of 17.6%, has been a driving force behind the March 2024 collection figures.
- Net GST Revenue: The net GST revenue for March stands at Rs 1.65 lakh crore, demonstrating a notable growth of 18.4% compared to the corresponding period last year.
- Breakdown of Collections: The March 2024 GST collection is categorized as follows:
- 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)
Looking Ahead: Ensuring Fiscal Resilience
As India continues its journey towards economic recovery and growth, the robust performance of GST collections serves as a testament to the efficacy of structural reforms and policy initiatives aimed at fostering fiscal resilience and buoyancy. Going forward, sustained efforts to streamline tax administration, enhance compliance mechanisms, and stimulate economic activity will be pivotal in consolidating India’s fiscal position and driving inclusive growth.
