Goods and services tax collection rises 11.5% to ₹1.78 lakh crore in March

GST collections in March grew 11.5 per cent to ₹1.78 lakh crore, buoyed by domestic transactions, the Finance Ministry said on Monday.

The gross GST collection for the last fiscal (April 2023-March 2024) stood at ₹20.14 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal.

The average monthly gross collection for FY24 stood at ₹1.68 lakh crore, exceeding ₹1.5 lakh crore in the preceding fiscal.

"Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent," the Ministry said in a statement.

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The highest-ever GST collection was recorded at ₹1.87 lakh crore in April 2023.

GST revenue net of refunds for March 2024 was ₹1.65 lakh crore, 18.4 per cent higher over the same period a year ago.