Thursday, May 9 2024 | Time 07:17 Hrs(IST)
image
Business EconomyPosted at: Apr 1 2024 4:41PM


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.
MORE SKB GNK
Please log in to get detailed story.
Tags: #GST revenue in March at Rs 1.78L cr; second highest collection ever
More News

Zoomcar to add 20,000 cars in its platform by end of fiscal 2025

08 May 2024 | 8:12 PM

New Delhi, May 8 (UNI) Zoomcar, self-drive car sharing company, on Wednesday announced plans to expand its footprint by adding over 20,000 cars by fiscal year 2025 to its platform for “self-drive” car sharing and provide opportunities to card owners to boost their income by way of sharing their vehicles.

see more..

TVS SCS wins new business deal for Eicher’s bus facility in Baggad

08 May 2024 | 7:54 PM

Chennai, May 8 (UNI) TVS Supply Chain Solutions Limited, a global supply chain solutions provider and one of the largest and fastest-growing integrated supply chain solutions providers in India, has won a new business contract from VE Commercial Vehicles (VECV) for managing their in-plant warehousing and logistics function at their Eicher bus factory located in Baggad, Madhya Pradesh.

see more..

TVS records highest ever revenue, profit in FY 2023-24

08 May 2024 | 7:52 PM

Chennai, May 8 (UNI) Two and three-wheeler major TVS Motor Company’s revenue from operations in the quarter ended March 2024 grew by 24% at Rs. 8,169 Crores against Rs. 6,605 Crores in the quarter ended March 2023.

see more..

AIC T-Hub selects startups to drive innovation in mobility sector

08 May 2024 | 7:17 PM

Hyderabad, May 8 (UNI) T-Hub, India's leading startup incubator, in collaboration with the Atal Incubation Centre (AIC), announced on Wednesday the launch of the mobility cohort of the AIC T-Hub Programme. This initiative is poised to revolutionise the automotive industry's future, with visionary startups selected to participate, Hyderabad-based T-Hub said in a release here.

see more..

AIC T-Hub selects startups to drive Innovation in the Mobility Sector

08 May 2024 | 7:14 PM

Hyderabad, May 8 (UNI) T-Hub, India's leading startup incubator, in collaboration with Atal Incubation Centre (AIC), on Wednesday announced the launch of the mobility cohort of the AIC T-Hub Program.

see more..
image