GST collection in FY24 jumps 11.7% to ₹20.14 lakh crore; check breakdown

The gross Goods and Services Tax (GST) revenue collected in the financial year 2023-24 came in at ₹20.14 lakh, up 11.7% as compared to the previous year. The average monthly collection for this fiscal year stands at ₹1.68 lakh crore, surpassing the previous year's average of ₹1.5 lakh crore.

In March 2024, a total GST of ₹1.78 lakh crore was collected, which is 11.5% higher as compared to the same month last year. This is also the second-highest amount of monthly GST collected by the government.

According to the finance ministry, the increase in GST collection was driven by domestic transactions, which surged by 17.6%.

March 2024 GST collection breakdown:

• Central GST (CGST): ₹34,532 crore
• State GST (SGST): ₹43,746 crore
• Integrated GST (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 GST collection breakdown:

• CGST: ₹3,75,710 crore
• SGST: ₹4,71,195 crore
• IGST: ₹10,26,790 crore, including ₹4.83 lakh crore collected on imported goods
• Cess: ₹1,44,554 crore, including ₹11,915 crore collected on imported goods

Chart: Trends in GST Collection

"In the month of March 2024, the central Government settled ₹43,264 crore to CGST and ₹37,704 crore to SGST from the IGST collected. This translates to 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," the finance ministry said in a release.

The highest-ever GST collection was witnessed in April 2023 at ₹1.87 lakh crore. GST revenue net of refunds for March this year is ₹1.65 lakh crore, reflecting an increase of 18.4% compared to same period last year.