GST exceeds Rs 20 lakh crore with 11.7 per cent growth in 2023-24
GST witness second-highest collection ever: In the financial year 2023-24, there was a significant milestone achieved in the total gross GST collection, reaching Rs 20.14 lakh crore.
This surpassed the Rs 20 lakh crore mark, showing an increase of 11.7% compared to the previous fiscal year.
The average monthly collection for this fiscal year, ending in March 2024, was Rs 1.68 lakh crore, exceeding the previous year's average of Rs 1.5 lakh crore.
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The net GST revenue, excluding refunds, for the current fiscal year as of March 2024 stood at Rs 18.01 lakh crore, reflecting a growth of 13.4% over the same period last year.
In March 2024, the gross GST revenue witnessed the second-highest collection ever at Rs 1.78 lakh crore, showing a year-on-year growth of 11.5%. This surge was mainly driven by a significant increase in GST collection from domestic transactions, which saw a growth of 17.6%.
The net GST revenue, excluding refunds, for March 2024 stood at Rs 1.65 lakh crore, showing a growth of 18.4% over the same period last year.
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Similar positive trends are observed in the entire financial year 2023-24 collections. Central Goods and Services Tax (CGST) stood at Rs 375,710 crore; State Goods and Services Tax (SGST): Rs 4,71,195 crore; Integrated Goods and Services Tax (IGST): Rs 10,26,790 crore, including Rs 4,83,086 crore collected on imported goods; and Cess Rs 1,44,554 crore, including Rs 11,915 crore collected on imported goods.
Notably, the Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
(With inputs from agencies)
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