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GST Revenue in March 2024 Surge 11.5% YoY, Hits Rs 1.78 Lakh Crore Mark, Second-Highest Ever

Last updated: 01 April 2024


Second highest monthly Gross GST Revenue collection in March at Rs 1.78 lakh crore; Records 11.5% y-o-y growth (18.4% on net basis)

Yearly gross revenue Rs 20.14 lakh crore; 11.7% growth (13.4% on net basis)

Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is growth of 18.4% over same period last year.

Strong Consistent Performance in FY 2023-24: FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.14 lakh crore exceeding Rs 20 lakh crore, a 11.7% increase compared to the previous year. 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% over same period last year.

GST Revenue in March 2024 Surge 11.5  YoY, Hits Rs 1.78 Lakh Crore Mark, Second-Highest Ever

Positive Performance Across Components

Breakdown of March 2024 Collections

  • 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, including Rs 40,322 crore collected on imported goods;
  • Cess: Rs 12,259 crore, including Rs 996 crore collected on imported goods.

Similar positive trends are observed in the entire FY 2023-24 collections

  • 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, including Rs 4,83,086 crore collected on imported goods;
  • Cess: Rs 1,44,554 crore, including Rs 11,915 crore collected on imported goods.

Inter-Governmental Settlement: In the month of March, 2024, the Central Government settled Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from the IGST collected. This translates to a total revenue of Rs 77,796 crore for CGST and Rs 81,450 crore for SGST for March, 2024 after regular settlement. For the FY 2023-24, the central government settled Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of March, 2024 as compared to March, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of March, 2024.

Chart: Trends in GST Collection

Trends in GST Collection

Table 1: State-wise growth of GST Revenues during March, 2024

State/UT

Mar-23

Mar-24

Growth (%)

Jammu and Kashmir

477

601

26%

Himachal Pradesh

739

852

15%

Punjab

1,735

2,090

20%

Chandigarh

202

238

18%

Uttarakhand

1,523

1,730

14%

Haryana

7,780

9,545

23%

Delhi

4,840

5,820

20%

Rajasthan

4,154

4,798

15%

Uttar Pradesh

7,613

9,087

19%

Bihar

1,744

1,991

14%

Sikkim

262

303

16%

Arunachal Pradesh

144

168

16%

Nagaland

58

83

43%

Manipur

65

69

6%

Mizoram

70

50

-29%

Tripura

90

121

34%

Meghalaya

202

213

6%

Assam

1,280

1,543

21%

West Bengal

5,092

5,473

7%

Jharkhand

3,083

3,243

5%

Odisha

4,749

5,109

8%

Chhattisgarh

3,017

3,143

4%

Madhya Pradesh

3,346

3,974

19%

Gujarat

9,919

11,392

15%

Dadra and Nagar Haveli and Daman & Diu

309

452

46%

Maharashtra

22,695

27,688

22%

Karnataka

10,360

13,014

26%

Goa

515

565

10%

Lakshadweep

3

2

-18%

Kerala

2,354

2,598

10%

Tamil Nadu

9,245

11,017

19%

Puducherry

204

221

9%

Andaman and Nicobar Islands

37

32

-14%

Telangana

4,804

5,399

12%

Andhra Pradesh

3,532

4,082

16%

Ladakh

23

41

82%

Other Territory

249

196

-21%

Center Jurisdiction

142

220

55%

Grand Total

1,16,659

1,37,166

18%

Table-2: SGST & SGST portion of IGST settled to States/UTs April-March (Rs. in crore)

 

Pre-Settlement SGST

Post-Settlement SGST

State/UT

2022-23

2023-24

Growth

2022-23

2023-24

Growth

Jammu and Kashmir

2,350

2,945

25%

7,272

8,093

11%

Himachal Pradesh

2,346

2,597

11%

5,543

5,584

1%

Punjab

7,660

8,406

10%

19,422

22,106

14%

Chandigarh

629

689

10%

2,124

2,314

9%

Uttarakhand

4,787

5,415

13%

7,554

8,403

11%

Haryana

18,143

20,334

12%

30,952

34,901

13%

Delhi

13,619

15,647

15%

28,284

32,165

14%

Rajasthan

15,636

17,531

12%

35,014

39,140

12%

Uttar Pradesh

27,366

32,534

19%

66,052

76,649

16%

Bihar

7,543

8,535

13%

23,384

27,622

18%

Sikkim

301

420

39%

839

951

13%

Arunachal Pradesh

494

628

27%

1,623

1,902

17%

Nagaland

228

307

35%

964

1,057

10%

Manipur

321

346

8%

1,439

1,095

-24%

Mizoram

230

273

19%

892

963

8%

Tripura

435

512

18%

1,463

1,583

8%

Meghalaya

489

607

24%

1,490

1,713

15%

Assam

5,180

6,010

16%

12,639

14,691

16%

West Bengal

21,514

23,436

9%

39,052

41,976

7%

Jharkhand

7,813

8,840

13%

11,490

12,456

8%

Odisha

14,211

16,455

16%

19,613

24,942

27%

Chhattisgarh

7,489

8,175

9%

11,417

13,895

22%

Madhya Pradesh

10,937

13,072

20%

27,825

33,800

21%

Gujarat

37,802

42,371

12%

58,009

64,002

10%

Dadra and Nagar Haveli and Daman and Diu

637

661

4%

1,183

1,083

-8%

Maharashtra

85,532

1,00,843

18%

1,29,129

1,49,115

15%

Karnataka

35,429

40,969

16%

65,579

75,187

15%

Goa

2,018

2,352

17%

3,593

4,120

15%

Lakshadweep

10

19

93%

47

82

75%

Kerala

12,311

13,967

13%

29,188

30,873

6%

Tamil Nadu

36,353

41,082

13%

58,194

65,834

13%

Puducherry

463

509

10%

1,161

1,366

18%

Andaman and Nicobar Islands

183

206

12%

484

528

9%

Telangana

16,877

20,012

19%

38,008

40,650

7%

Andhra Pradesh

12,542

14,008

12%

28,589

31,606

11%

Ladakh

171

250

46%

517

653

26%

Other Territory

201

231

15%

721

1,123

56%

Grand Total

4,10,251

4,71,195

15%

7,70,747

8,74,223

13%

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