The financial year 2023-24 has ended on a high note, from GST view point. GST collection has once again been robust in March, 2024. GST collection is second highest monthly Gross GST Revenue collection in March, 2024 at Rs. 1.78 lakh crore which records 11.5% y-o-y growth (18.4% on net basis). FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.14 lakh crore exceeding Rs.20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for fiscal year 2023-24 stands at Rs.1.68 lakh crore, surpassing the previous year’s average of Rs.1.5 lakh crore. GST revenue net of refunds as of March, 2024 for the current fiscal year is Rs.18.01 lakh crore which is a growth of 13.4% over same period last year.
While March collection is Rs. 1.78 lakh crore, the second highest so far, the cumulative tax collection in any financial year has crossed Rs. 20 lakh crore for the first time in 2023-24 only.
The collection of GST which is directly linked to masses and consumption indicates resilience in Indian economy despite global challenges including geopolitical risks. The increased collection also signifies that there is an overall growth in manufacturing and services sector and growth is widely distributed across all states though few states have shown below average growth. Most of larger states have registered a double digit growth.
The growth is GST has been consistent barring the covid period, viz, it was Rs. 11.36 lakh crore collection in financial year 2020-21 but it picked up fast and since then, there is no looking back.
The following table shows gross GST collection since inception at a glance:
| Year | Gross GST (INR lakh crore) |
| 2017-18 (9 months) | 7.19 |
| 2018-19 | 11.77 |
| 2019-20 | 12.22 |
| 2020-21 | 11.36 |
| 2021-22 | 14.83 |
| 2022-23 | 18.10 |
| 2023-24 | 20.18 |
The impressive GST collection apart from economy is also attributable to better compliance, lesser tax evasion, Government policies and efforts to come down heavily on tax evaders including fraudsters and fake invoice creators. The GSTN has also streamlined over last seven years and Governments dependence on artificial intelligence and data analytics has increased.
It can only be expected that in next fiscal 2024-25 and onwards, with economic reforms, sustainability and strong political will, GST is going to emerge as a major source of tax revenue to the Government which may also result in rationalization of tax rates.
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