Gross GST revenues hit their second-highest level of ₹1,78,484 crore in March

New Delhi's GST revenues hit second-highest level at ₹1.78 lakh crore in March, with 11.5% growth year-on-year.

India’s gross Goods and Services Tax (GST) revenues hit their second-highest level of ₹1,78,484 crore in March, even as the growth rate in tax collections slowed to 11.5% from 12.5% in February. This lifted the total tally from the indirect tax for 2023-24 to ₹20.14 lakh crore, reflecting a growth of 11.7% over the previous year.

The net GST revenues, after accounting for refunds, grew at a faster pace of 18.4% in March to touch ₹1.65 lakh crore, compared with February when they had grown 13.6% to ₹1.51 lakh crore. For the full financial year, net GST revenues were ₹18.01 lakh crore, marking a 13.4% year-on-year growth.

Gross revenues from domestic transactions (that typically includes taxes on services imports also) grew 17.6% in March, compared with a 13.9% rise in February. While the Finance Ministry did not share the growth trajectory for revenues from goods imports, a calculation by The Hindu indicates shrank about 5% in March, after recording an 8.5% uptick in February.

“Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%,” the Finance Ministry said in a statement. The highest-ever GST collection was recorded at ₹1.87 lakh crore in April 2023.

(With inputs from PTI)