This improve was primarily fueled by a major uptick in GST assortment from home transactions, rising by 17.6%.The internet GST income, after refunds, stood at Rs 1.65 lakh crore for March 2024, reflecting an 18.4% development in comparison with the identical interval final yr.
The full yr complete gross GST assortment surpassed Rs 20 lakh crore, representing an 11.7% improve over the earlier fiscal yr. The common month-to-month assortment for FY 2023-24 stood at Rs 1.68 lakh crore, exceeding the earlier yr’s common of Rs 1.5 lakh crore, the discharge mentioned.
The internet GST income, excluding refunds, reached Rs 18.01 lakh crore as of March 2024 for the present fiscal yr, indicating a development of 13.4% over the identical interval final yr.
Positive tendencies have been noticed throughout varied parts of GST assortment for March 2024. The breakdown consists of:
- Central Goods and Services Tax (CGST): Rs 34,532 crore
- State Goods and Services Tax (SGST): Rs 43,746 crore
- Integrated Goods and Services 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
Similar optimistic tendencies have been evident within the general collections for FY 2023-24:
- Central Goods and Services Tax (CGST): Rs 3,75,710 crore
- State Goods and Services Tax (SGST): Rs 4,71,195 crore
- Integrated Goods and Services 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 Government 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.
Trends in month-to-month gross GST revenues
The above chart depicts the tendencies in month-to-month gross GST revenues.
According to Abhishek Jain, Indirect Tax Head & Partner, KPMG, A 17.6 % development in assortment in March from home transactions signifies sturdy home financial development and provides important cheer to the general elevated collections. “Also, the average monthly collections increasing by approximately 18000 crores this year indicates robust growth story and recovery,” he says.