GST collections rise 11.5% to Rs 1.78 lakh crore in March

The government's gross goods and services tax (GST) collections stood at Rs 1.78 lakh crore in March, as against Rs 1.6 lakh crore a year ago, according to official data released on Monday. The monthly tally was boosted by a significant rise in the revenue from domestic transactions, according to the finance ministry. 

That marked the second highest monthly collection since the implementation of the indirect tax in 2017, and took the full-year figure to Rs 20.14 lakh crore as against Rs 20 lakh crore the previous year. 

The average monthly collection for the financial year 2023-24, which ended on March 31, 2024, came in at Rs 1.68 lakh crore, higher than Rs 1.5 lakh crore in the previous financial year.

Out of the total gross collections, central GST (SGST) collections stood at Rs 34,532 crore, state GST (SGST) collections at Rs 43,746 crore, and integrated GST (IGST) collections at Rs 87,947 crore (including Rs 40,322 crore on imported goods). 

The cess amounted to Rs 12,259 crore in March, including Rs 996 crore collected on imported goods.

Here's the breakup of the GST trends observed in the full financial year 2023-24:

State-/UT-wise GST revenue growth in March 2024 vs March 2023