02.04.2024 GST collection in March surges to ₹1.78-lakh crore

Improved compliance coupled with a spur in economic activity pushed GST collection to ₹1.78-lakh crore in March, the Finance Ministry reported on Monday. It is 11.5 per cent higher than March 2023 collection number of ₹1.60-lakh crore.

This is the second all-time high collection after ₹1.87-lakh crore in April last year. Collection in March is related with goods consumed and services availed in February. Since GST was first rolled out, April has consecutively registered record collection.

The Finance Ministry highlighted that FY 24 marks a milestone with total gross GST collection of ₹20.18-lakh crore, an 11.7 per cent 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 per cent over same period last year.

Source: The Hindu Business line

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