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India’s GST Collection In March Second-Highest Ever; Grows 11.5% To Rs 1.78 Lakh Crore


GST collection: The Ministry of Finance on Monday announced that gross collections of Goods and Services Tax (GST) for March 2024 soared to Rs 1.78 lakh crore, marking an 11.5 per cent increase compared to the same period last year. This substantial surge was primarily attributed to a robust upswing in GST collections from domestic transactions, registering an impressive growth rate of 17.6 per cent.

The March 2024 collection stands as the second-highest ever recorded since the inception of GST. Notably, the fiscal year (April 2023-March 2024) concluded with a gross GST collection totalling Rs 20.14 lakh crore, reflecting a noteworthy 11.7 per cent escalation compared to the preceding fiscal year.

Furthermore, the average monthly gross collection for FY24 reached Rs 1.68 lakh crore, surpassing the milestone of Rs 1.5 lakh crore achieved in the previous fiscal year. For March 2024, the GST revenue net of refunds surged to Rs 1.65 lakh crore, marking an impressive 18.4 per cent increase over the corresponding period in the previous year.

Central disbursement to states

The central government’s disbursement in March amounted to Rs 43,264 crore to the Central Goods and Services Tax (CGST) and Rs 37,704 crore to the State Goods and Services Tax (SGST) from the Integrated Goods and Services Tax (IGST) collected. Consequently, the total revenue for CGST and SGST for March 2024, following regular settlements, reached Rs 77,796 crore and Rs 81,450 crore, respectively.

Looking at the fiscal year as a whole, the central government disbursed Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected during FY23-24. This robust growth in GST collections reflects the resilience of the Indian economy and underscores its steady path to recovery amidst the ongoing global economic challenges, as per a report by the Finance Ministry.

State-wise growth of GST revenues during March, 2024











































State/UT

Mar-23

Mar-24

Growth (%)

Jammu and Kashmir

 477

 601

26

Himachal Pradesh

 739

 852

15

Punjab

 1,735

 2,090

20

Chandigarh

 202

 238

18

Uttarakhand

 1,523

 1,730

14

Haryana

 7,780

 9,545

23

Delhi

 4,840

 5,820

20

Rajasthan

 4,154

 4,798

15

Uttar Pradesh

 7,613

 9,087

19

Bihar

 1,744

 1,991

14

Sikkim

 262

 303

16

Arunachal Pradesh

 144

 168

16

Nagaland

 58

 83

43

Manipur

 65

 69

6

Mizoram

 70

 50

-29

Tripura

 90

 121

34

Meghalaya

 202

 213

6

Assam

 1,280

 1,543

21

West Bengal

 5,092

 5,473

7

Jharkhand

 3,083

 3,243

5

Odisha

 4,749

 5,109

8

Chhattisgarh

 3,017

 3,143

4

Madhya Pradesh

 3,346

 3,974

19

Gujarat

 9,919

 11,392

15

Dadra and Nagar Haveli and Daman & Diu

 309

 452

46

Maharashtra

 22,695

 27,688

22

Karnataka

 10,360

 13,014

26

Goa

 515

 565

10

Lakshadweep

 3

 2

-18

Kerala

 2,354

 2,598

10

Tamil Nadu

 9,245

 11,017

19

Puducherry

 204

 221

9

Andaman and Nicobar Islands

 37

 32

-14

Telangana

 4,804

 5,399

12

Andhra Pradesh

 3,532

 4,082

16

Ladakh

 23

 41

82

Other Territory

 249

 196

-21

Center Jurisdiction

 142

 220

55

Grand Total

 1,16,659

 1,37,166

18

Source: Ministry of Finance



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