Gross GST revenue crosses Rs 20 lakh crore in 2023-24, with 11.7% growth

Financial year 2023-24 marked a milestone with total gross GST collection of Rs 20.14 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year.

The average monthly collection for this fiscal year, that ended in March 2024 stood 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 per cent over same period last year.

Gross Good and Services Tax (GST) revenue for March 2024, the last month of the fiscal, witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth.

This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is growth of 18.4 per cent over same period last year.

In March 2024, Central Goods and Services Tax (CGST) was at Rs 34,532 crore; and State Goods and Services Tax (SGST) was Rs 43,746 crore.

Integrated Goods and Services Tax (IGST) was at Rs 87,947 crore, including Rs 40,322 crore collected on imported goods.

Similar positive trends are observed in the entire financial year 2023-24 collections. Central Goods and Services Tax (CGST) stood at Rs 375,710 crore; State Goods and Services Tax (SGST): Rs 4,71,195 crore; Integrated Goods and Services Tax (IGST): Rs 10,26,790 crore, including Rs 4,83,086 crore collected on imported goods; and Cess Rs 1,44,554 crore, including Rs 11,915 crore collected on imported goods.

In the entire financial year 2022-23, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.

Over the last few years, various efforts have been made to increase the tax base and improve compliance.

The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.