March’s GST revenue jumped 11.5%, hitting ₹1.78 Lac Crore

The fiscal year 2023-24 has demonstrated a robust performance in terms of GST collections, showcasing a significant growth trajectory compared to the preceding year. Here’s a detailed breakdown of the noteworthy highlights:

1. Average Monthly Collection: The average monthly collection for the fiscal year stands impressively at Rs 1.68 lakh crore, surpassing the previous fiscal year’s average of Rs 1.5 lakh crore. This surge indicates a positive trend in revenue generation.
2. Total Gross GST Collection: Fiscal year 2023-24 has marked a milestone with a total gross GST collection of Rs. 20.14 lac crore, surpassing the Rs 20 lac crore mark. This achievement represents a remarkable 11.7% increase compared to the previous fiscal year, showcasing consistent growth and economic resilience.
3. Net GST Revenue: As of March 2024, the net GST revenue for the current fiscal year stands at Rs 18.01 lakh crore. This figure reflects a notable growth of 13.4% compared to the same period last year, indicating a healthy expansion in revenue streams.
4. Breakdown of Collections:
   • 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 Collections: Rs 12,259 crore, with Rs 996 crore collected on imported goods.

Each category’s collection illustrates the distribution and contribution towards the overall GST revenue pool, with IGST, CGST, and SGST playing pivotal roles in revenue generation, supplemented by the additional contributions from Cess collections.

In summary, the fiscal year 2023-24 has witnessed a commendable performance in GST collections, with significant increases across various parameters such as average monthly collections, total gross GST collection, and net revenue figures. These achievements underscore the effectiveness of tax policies, economic resilience, and the robustness of the GST framework in driving revenue growth and fostering fiscal stability.