GST collections for March 2024 hit second-highest document degree of Rs 1.78 lakh crore; FY24 mop up crosses Rs 20 lakh crore – Instances of India

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GST Collections March 2024: In a lift for the economic systemthe gross Items and Companies Tax (GST) collections for the month of March got here in on the second highest ever degree of Rs 1.78 lakh crore. That is an 11.5% year-on-year progress, in line with the Ministry of Finance,
This improve was primarily fueled by a big uptick in GST assortment from home transactions, rising by 17.6%.The internet GST incomeafter refunds, stood at Rs 1.65 lakh crore for March 2024, reflecting an 18.4% progress in comparison with the identical interval final 12 months.
The complete 12 months complete gross GST assortment surpassed Rs 20 lakh crore, representing an 11.7% improve over the earlier fiscal 12 months. The common month-to-month assortment for FY 2023-24 stood at Rs 1.68 lakh crore, exceeding the earlier 12 months’s common of Rs 1.5 lakh crore, the discharge stated.
The web GST income, excluding refunds, reached Rs 18.01 lakh crore as of March 2024 for the present fiscal 12 months, indicating a progress of 13.4% over the identical interval final 12 months.
Optimistic tendencies had been noticed throughout varied elements of GST assortment for March 2024. The breakdown contains:

  • Central Items and Companies Tax (CGST): Rs 34,532 crore
  • State Items and Companies Tax (SGST): Rs 43,746 crore
  • Built-in Items and Companies Tax (IGST): Rs 87,947 crore, together with Rs 40,322 crore collected on imported items.
  • Cess: Rs 12,259 crore, together with Rs 996 crore collected on imported items.

Related optimistic tendencies had been evident within the general collections for FY 2023-24:

  • Central Items and Companies Tax (CGST): Rs 3,75,710 crore
  • State Items and Companies Tax (SGST): Rs 4,71,195 crore
  • Built-in Items and Companies Tax (IGST): Rs 10,26,790 crore, together with Rs 4,83,086 crore collected on imported items.
  • Cess: Rs 1,44,554 crore, together with Rs 11,915 crore collected on imported items.

In March 2024, the Central Authorities settled Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from the IGST collected. This resulted in complete revenues of Rs 77,796 crore for CGST and Rs 81,450 crore for SGST after common settlement. For FY 2023-24, the central authorities settled Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected.

GST

Traits in month-to-month gross GST revenues

The above chart depicts the tendencies in month-to-month gross GST revenues.



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2024-04-01 10:34:05
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