GST Collection During Financial Year 2023-24
In a recent press release by the Ministry of Finance dated April 1, 2024, it was revealed that Gross Goods and Services Tax (GST) revenue for March 2024 reached a remarkable ₹1.78 lakh crore. This figure represents the second-highest collection ever, showcasing an impressive 11.5% year-on-year growth. This surge was primarily fuelled by a substantial increase in GST collection from domestic transactions, which grew by 17.6%. The net GST revenue, after refunds, for March 2024 stands at ₹1.65 lakh crore, indicating a robust growth of 18.4% compared to the same period last year.
Strong Consistent Performance in FY 2023-24
FY 2023-24 has been a milestone year for GST collections, with the total gross collection surpassing ₹20 lakh crore, marking an 11.7% increase from the previous year. The average monthly collection for this fiscal year stands impressively at ₹1.68 lakh crore, exceeding the previous year’s average of ₹1.5 lakh crore. Net GST revenue, after refunds, as of March 2024 for the current fiscal year, stands at ₹18.01 lakh crore, reflecting a substantial growth of 13.4% over the same period last year.
Positive Performance Across Components
Let’s delve into the breakdown of the March 2024 and FY 2023-24 GST collections:
March 2024 Collections:
Central Goods and Services Tax (CGST): ₹34,532 crore
State Goods and Services Tax (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
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
The Chart below shows the month wise GST collections during FY 2023-24 as compared to the collections during Fy 2022-23.
Inter-Governmental Settlement
In March 2024, the Central Government settled ₹43,264 crore to CGST and ₹37,704 crore to SGST from the IGST collected. This resulted in a total revenue of ₹77,796 crore for CGST and ₹81,450 crore for SGST for March 2024 after regular settlement. For FY 2023-24, the central government settled ₹4,87,039 crore to CGST and ₹4,12,028 crore to SGST from the IGST collected.
For more detailed information on state-wise collections and settlements or to Download the Press Release of Ministry of Finance CLICK HERE
To Access the CBDT Notification 2/2024 Dated 31 March 2024 CLICK HERE
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