Thursday, May 23 2024 | Time 05:23 Hrs(IST)
Business Economy

GST revenue in March at Rs 1.78L cr; second highest collection ever

New Delhi, Apr 1 (UNI) Indicating a rise in business activity, the Gross Goods and Services Tax (GST) revenue for the month of March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 percent year-on-year growth.
This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 percent. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore, which is a growth of 18.4 percent over the same period last year, the Ministry of Finance said in a statement.
With the second-highest ever collection in the last month of March, the fiscal year 2023–24 also ended with a milestone with a total gross GST collection of Rs 20.14 lakh crore exceeding the Rs 20 lakh crore received in the previous financial years. The yearly collection is 11.7 percent higher than the previous year.
“Record collections exceeding Rs 20 lakh crore during 2023–24 demonstrate the economic resurgence across sectors and were possible due to the various measures taken by the GST authorities to improve compliance and stamp out evasion,” MS Mani, Partner Deloitte India, said in a statement.
The big focus on the comparison of tax payer behavior across tax and corporate databases has also made businesses convinced of the need to be compliant not only with their activities but also with the tax behavior of their vendors and ensure that the entire value chain becomes compliant, he added.
The average monthly collection for this fiscal year stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore. GST revenue net of refunds as of March 2024 for the current fiscal year is Rs 18.01 lakh crore, which is a growth of 13.4 percent over the same period last year.
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