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In March 2024, India witnessed a significant boost in its economy with the Gross Goods and Services Tax (GST) collections reaching a remarkable milestone. The month saw the second-highest-ever GST collection of Rs 1.78 lakh crore, marking an 11.5% year-on-year growth, as reported by the Ministry of Finance.
- Gross GST collection for FY 2023-24: Rs 20.14 lakh crore, up by 11.7% from the previous fiscal.
- Average monthly gross collection for FY24: Rs 1.68 lakh crore, surpassing the previous year’s average.
- Net GST revenue for March 2024: Rs 1.65 lakh crore, reflecting an 18.4% growth year-on-year.
- Net GST revenue for FY 2023-24: Rs 18.01 lakh crore, showing a 13.4% increase over the same period last year.
GST collections went up because more things were bought and sold in India, especially within the country. The money collected from these transactions increased by 17.6%. CGST, SGST, IGST, and Cess all showed good growth. The Central Government gave money from IGST to CGST and SGST, adding to the overall revenue. This shows that the economy is doing well in India.
