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TMI BlogSecond 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)X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) - Goods and Services Tax - GST Dated:- 1-4-2024 - News - 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) - - - Dated:- 1-4-2024 - Yearly gross revenue ₹20.14 lakh crore; 11.7% growth (13.4% on net basis) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .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. 20.14 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Table 1: State-wise growth of GST Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues 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% G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oa 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,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% - - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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