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)
GST
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's average of ₹1.5 lakh crore. GST revenu
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vernmental 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
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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%
Table-2: SGST & SGST portion of IGST settled to States/UTs April-March (Rs. in 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
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