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GST Collections Hit ₹1.78 Lakh Crore In March, Second Highest Ever

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 Good 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.

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.

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