Good news came on the first day of the new financial year, government treasury filled with GST in March

highlights

This is the second highest monthly GST collection till date.

The highest GST collection of Rs 1.87 lakh crore was recorded in April, 2023.

The total GST collection in the entire financial year 2023-24 has reached Rs 20.14 lakh crore.

New Delhi. On the economic front, a good news has come on the very first day of the new financial year. There has been an increase of 11.5 percent in GST collection in March 2023 on an annual basis. According to the Finance Ministry, Goods and Services Tax collection has reached Rs 1.78 lakh crore in March. According to the ministry, this is the second largest GST collection till date. GST collection has increased in March due to increase in domestic transactions.

The highest ever GST collection was recorded in April 2023 at Rs 1.87 lakh crore. With the increase in collection in March, the total GST collection for the entire financial year 2023-24 became Rs 20.14 lakh crore, which is 11.7 percent more than the financial year 2022-23. The average monthly GST collection this financial year stood at Rs 1.68 lakh crore, which was more than Rs 1.5 lakh crore a year ago.

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)

Yearly gross #GST revenue ₹20.14 lakh crore; 11.7% growth (13.4% on net basis)

Read more ➡️ pic.twitter.com/sGsJyi4gBX

— Ministry of Finance (@FinMinIndia) April 1, 2024

Net GST revenue Rs 1.65 lakh crore
“Gross GST revenue for March 2024 saw the second-highest collection of Rs 1.78 lakh crore with an increase of 11.5 per cent year-on-year,” the Finance Ministry said in a statement. This jump in tax collection was recorded due to 17.6 percent increase in domestic transactions. Net GST revenue after refund in the month of March stood at Rs 1.65 lakh crore, which is 18.4 percent more than the same period a year ago.

the collection was like this
The government received a total of ₹34,532 crore from the Central Goods and Services Tax (CGST). The total collection from State Goods and Services Tax (SGST) stood at ₹43,746 crore. Integrated Goods and Services Tax (IGST) collections stood at ₹87,947 crore (this includes ₹40,322 crore collected on imported goods). Similarly, a total of ₹ 12,259 crore was received from cess (this includes ₹ 996 crore collected on imported goods).

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In March 2024, the Central Government settled ₹ 43,264 crore from IGST to CGST and ₹ 37,704 crore to SGST. This amounts to a total revenue of ₹77,796 crore for CGST and ₹81,450 crore for SGST for March, 2024 after regular settlement.

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Tags: Business news in hindi, Gst, GST collection