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Introduction: The Ministry of Finance recently announced a significant milestone in GST revenue collection for March 2024, recording the second-highest monthly collection at ₹1.78 lakh crore. This article delves into the details of this achievement, analyzing the growth trajectory and implications of this robust performance.

Detailed Analysis:

1. March 2024 GST Revenue:

    • The Gross GST revenue for March 2024 reached ₹1.78 lakh crore, showcasing an impressive 11.5% year-on-year growth.
    • Notably, domestic transactions contributed significantly to this surge, with a remarkable 17.6% increase in GST collection.
    • The net GST revenue, after refunds, stood at ₹1.65 lakh crore, indicating a substantial 18.4% growth compared to the same period last year.

2. FY 2023-24 Performance:

    • The fiscal year 2023-24 witnessed an outstanding performance, with total gross GST collection surpassing ₹20.18 lakh crore.
    • This represents an impressive 11.7% growth compared to the previous fiscal year, with an average monthly collection of ₹1.68 lakh crore.
    • The net GST revenue for the fiscal year stood at ₹18.01 lakh crore, reflecting a substantial 13.4% growth over the same period last year.

3. Breakdown of Collections:

    • The breakdown of March 2024 collections includes CGST, SGST, IGST, and Cess components, highlighting positive trends across all segments.
    • Similar positive trends were observed throughout the fiscal year, emphasizing the consistency and robustness of GST revenue collection.

4. Inter-Governmental Settlement:

    • The Central Government’s settlement of IGST collections to CGST and SGST for March 2024 amounted to ₹43,264 crore and ₹37,704 crore, respectively.
    • For the entire fiscal year, the settlements totaled ₹4,87,039 crore to CGST and ₹4,12,028 crore to SGST, further strengthening state revenues.

March 2024 GST Revenue Hits Rs. 1.78 Lakh Crore

5. State-wise Analysis:

    • Detailed tables present the state-wise growth of GST revenues during March 2024, showcasing varying growth percentages across different regions.
    • Additionally, post-settlement SGST figures for each state offer insights into the distribution of revenue post-collection.

Conclusion: The Ministry of Finance’s report on the March 2024 GST revenue highlights a remarkable achievement, indicating robust growth and consistency in tax collection. With positive trends observed across various components and states, this performance underscores the resilience and effectiveness of India’s GST regime. As the government continues its efforts to streamline tax administration and enhance compliance, such milestones pave the way for sustained economic growth and fiscal stability.

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Ministry of Finance

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)

Yearly gross revenue ₹20.18 lakh crore; 11.7% growth (13.4% on net basis)

Posted On: 01 APR 2024 3:41PM by PIB Delhi

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. 20.18 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 revenue net of refunds as of March 2024 for the current fiscal year is ₹18.01 lakh crore which is a growth of 13.4% over same period last year.

Positive Performance Across Components:

Breakdown of March 2024 Collections:

  • Central Goods and Services Tax (CGST): ₹34,532 crore;
  • State Goods and Services Tax (SGST): ₹43,746 crore;
  • Integrated Goods and Services Tax (IGST): ₹87,947 crore, including ₹40,322 crore collected on imported goods;
  • Cess: ₹12,259 crore, including ₹996 crore collected on imported goods.

Similar positive trends are observed in the entire FY 2023-24 collections:

  • Central Goods and Services Tax (CGST): ₹3,75,710 crore;
  • State Goods and Services Tax (SGST): ₹4,71,195 crore;
  • Integrated Goods and Services Tax (IGST): ₹10,26,790 crore, including ₹4,83,086 crore collected on imported goods;
  • Cess: ₹1,44,554 crore, including ₹11,915 crore collected on imported goods.

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

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%
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%

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%
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 9%  11,417  13,895 22%
Madhya Pradesh  10,937  13,072 20%  27,825  33,800 21%
Gujarat  37,802  42,371 12%  58,009  64,002 10%
Dadra and Nagar Haveli and Daman and Diu  637  661 4%  1,183  1,083 -8%
Maharashtra  85,532  1,00,843 18%  1,29,129  1,49,115 15%
Karnataka  35,429  40,969 16%  65,579  75,187 15%
Goa  2,018  2,352 17%  3,593  4,120 15%
Lakshadweep  10  19 93%  47  82 75%
Kerala  12,311  13,967 13%  29,188  30,873 6%
Tamil Nadu  36,353  41,082 13%  58,194  65,834 13%
Puducherry  463  509 10%  1,161  1,366 18%
Andaman and Nicobar Islands  183  206 12%  484  528 9%
Telangana  16,877  20,012 19%  38,008  40,650 7%
Andhra Pradesh  12,542  14,008 12%  28,589  31,606 11%
Ladakh  171  250 46%  517  653 26%
Other Territory  201  231 15%  721  1,123 56%
Grand Total  4,10,251  4,71,195 15%  7,70,747  8,74,223 13%

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