Financial year 2023–24 marked a milestone with total gross GST collection of Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year.
The average monthly collection for this fiscal year, which concluded in March 2024, reached Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.
As of March 2024, GST revenue net of refunds for the current fiscal year amounted to Rs 18.01 lakh crore, reflecting a substantial growth of 13.4% over the same period last year.
March 2024 witnessed the second-highest collection of Gross Goods and Services Tax (GST) revenue ever recorded at Rs 1.78 lakh crore, with a notable year-on-year growth of 11.5%.
This surge was primarily propelled by a significant rise in GST collection from domestic transactions, which experienced a robust growth rate of 17.6%. GST revenue net of refunds for March 2024 amounted to Rs 1.65 lakh crore, indicating a remarkable growth of 18.4% over the same period last year.
In March 2024, India’s tax landscape showcased encouraging figures, with Central Goods and Services Tax (CGST) reaching Rs 34,532 crore and State Goods and Services Tax (SGST) standing at Rs 43,746 crore.
Integrated Goods and Services Tax (IGST) also witnessed a significant uptick, totaling Rs 87,947 crore, inclusive of Rs 40,322 crore collected on imported goods.
These positive indicators are reflective of the overall trend observed throughout the financial year 2023-24, with CGST amounting to Rs 3,75,710 crore, SGST at Rs 4,71,195 crore, and IGST reaching Rs 10,26,790 crore. Notably, IGST collections included Rs 4,83,086 crore gathered from imported goods. Additionally, cess amounted to Rs 1,44,554 crore, including Rs 11,915 crore from imported goods.
Comparatively, in the preceding financial year 2022-23, the total gross GST collection stood at Rs 18.10 lakh crore, with an average gross monthly collection of Rs 1.51 lakh crore. This marked a significant 22% increase in gross revenues on a yearly basis.
These encouraging figures underscore the success of various initiatives aimed at expanding the tax base and enhancing compliance over the past few years.
The Goods and Services Tax (GST), implemented nationwide from July 1, 2017, has played a pivotal role in streamlining the taxation system. States were guaranteed compensation for any revenue loss resulting from GST implementation for a period of five years, as per the provisions outlined in the GST (Compensation to States) Act, 2017.