The figures for GST collection in March were impressive, marking it as the second-highest revenue generated through GST so far. There has been a significant increase of 11.5% on an annual basis.
Setting a new record for GST collection March 2024 witnessed the second-highest GST collection (on a monthly basis) to date
Previously, in April 2023, the GST revenue was recorded at Rs. 1,87,035 crore. In February 2024, this figure stood at Rs. 1,68,337 crore. Meanwhile, in January 2024, the government treasury received Rs. 1,74,106 crore through GST. The GST collection in March 2023 was Rs. 1,60,122 crore.
State-wise increase in GST collection by 18% In March
there was an observed jump of 18% in state-wise GST collection. The total collection amounted to Rs. 1,37,166 crore. In March 2023, state-wise GST collection was Rs. 1,16,659 crore. Maharashtra led the states in GST revenue for March with Rs. 27,688 crore, followed by Karnataka with Rs. 13,014 crore and Gujarat with Rs. 11,392 crore.
Breakdown of GST collection in March In March 2024, the GST collection was as follows: Central Goods and Services Tax (CGST) – Rs. 34,532 crore, Integrated Goods and Services Tax (IGST) – Rs. 87,947 crore, State Goods and Services Tax (SGST) – Rs. 43,746 crore, and Cess – Rs. 12,259 crore.