Authorities collected ₹1.78 lakh crore from GST in March: That is 11.5% greater than final yr, assortment for your complete monetary yr crosses ₹20 lakh crore

The federal government has collected Rs 1.78 lakh crore from Items and Companies Tax i.e. GST in March-2024. That is 11.5% greater than a yr in the past. Then Rs 1.60 lakh crore was collected from GST. Whereas a month in the past in February 2024, GST assortment was Rs 1.68 lakh crore.

GST assortment has elevated by 11.7% to Rs 20.14 lakh crore in FY 2024. The common assortment each month has elevated to Rs 1.68 lakh crore. Within the final monetary yr it was Rs 1.5 lakh crore. Until now, the best GST assortment was in April 2023, when this determine had crossed Rs 1.87 lakh crore.

CGST was Rs 31,785 crore, SGST was Rs 39,615 crore
Based on the Finance Ministry, GST assortment in March 2024 has been ₹1,78,484 crore. Of this, CGST was Rs 34,532 crore, SGST was Rs 43,746 crore, IGST was Rs 87,947 crore (together with Rs 40,322 crore collected on import of products) and cess was Rs 12,259 crore. Cess contains Rs 996 crore acquired from import of products.

GST was applied in 2017
GST is an oblique tax. It was applied in 2017 to switch a wide range of earlier oblique taxes (VAT), service tax, buy tax, excise obligation and plenty of different oblique taxes. GST has 4 slabs of 5, 12, 18 and 28%.