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The Gross Goods and Services Tax (GST) collection in March registered a 11.5 per cent year-on-year growth at Rs 1.78 trillion, the Finance Ministry informed on Monday.
Driven by significant increase in tax collections from domestic transactions, it was the second-highest GST collection ever, the Ministry said. The highest-ever GST collection was recorded at Rs 1.87 trillion in April 2023.
The gross total GST collection for FY24 stood at Rs 20.14 trillion, up by 11.7 per cent when compared to FY23.
According to the Ministry, the average monthly collection for FY24 was Rs 1.68 trillion, exceeding the FY23 average of Rs 1.5 trillion. The GST revenue net of refunds as of March 2024 for the current fiscal year was at Rs 18.01 trillion, growing by 13.4 per cent over the same period last fiscal year.
For the month of March, while the Central Goods and Services Tax (CGST) collection was at Rs 34,532 crore, the State Goods and Services Tax (SGST) stood at Rs 43,746 crore. The Integrated Goods and Services Tax (IGST) mop-up amounted to Rs 87,947 crore, including Rs 40,322 crore collected on imported goods, the Finance Ministry revealed.
In February, the GST collection had increased by 12.5 per cent over January to over Rs 1.68 trillion.
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