Goods and Services Tax – GST Dated:- 1-4-2024 – News – Second highest monthly Gross GST Revenue collection in March at ₹1.78 lakh crore; Records 11.5% y-o-y growth (18.4% on net basis) Dated:- 1-4-2024 – Yearly gross revenue ₹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 ₹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 ₹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 ₹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
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ds. Inter-Governmental Settlement: In the month of March, 2024, the Central Government settled ₹43,264 crore to CGST and ₹37,704 crore to SGST from the IGST collected. This translates to a total revenue of ₹77,796 crore for CGST and ₹81,450 crore for SGST for March, 2024 after regular settlement. For the FY 2023-24, the central government settled ₹4,87,039 crore to CGST and ₹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 [1] State/UT Mar-23 Mar-24 Growth (%) Jammu and Kashmir 477 601 26% Himachal Pradesh 739 852 15% Punjab 1,735 2,090 20%
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n crore) Pre-Settlement SGST Post-Settlement SGST [2] State/UT 2022-23 2023-24 Growth 2022-23 2023-24 Growth Jammu and Kashmir 2,350 2,945 25% 7,272 8,093 11% Himachal Pradesh 2,346 2,597 11% 5,543 5,584 1% Punjab 7,660 8,406 10% 19,422 22,106 14% Chandigarh 629 689 10% 2,124 2,314 9% Uttarakhand 4,787 5,415 13% 7,554 8,403 11% Haryana 18,143 20,334 12% 30,952 34,901 13% Delhi 13,619 15,647 15% 28,284 32,165 14% Rajasthan 15,636 17,531 12% 35,014 39,140 12% Uttar Pradesh 27,366 32,534 19% 66,052 76,649 16% Bihar 7,543 8,535 13% 23,384 27,622 18% Sikkim 301 420 39% 839 951 13% Arunachal Pradesh 494 628 27% 1,623 1,902 17% Nagaland 228 307 35% 964 1,057 10% Manipur 321 346 8% 1,439 1,095 -24% Mizoram 230 273 19% 892 963 8% Tripura 435 512 18% 1,463 1,583 8% Meghalaya 489 607 24% 1,490 1,713 15% Assam 5,180 6,010 16% 12,639 14,691 16% West Bengal 21,514 23,436 9% 39,052 41,976 7% Jharkhand 7,813 8,840 13% 11,490 12,456 8% Odisha 14,211 16,455 16% 19,613 24,942 27% Chhattisgarh 7,489 8,175
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