New Delhi: Seven years since it was first rolled out on July 1, 2017, the Goods and Services Tax has undergone a massive change since then. While the GST collection amount hit a record high in March 2023, it has again touched second highest tally in March 2024.
The Goods and Services Tax (GST) collection increased by 11.5 per cent compared to the previous year, reaching Rs 1.78 lakh crore in the fiscal year ending March 2024. This marks the second-highest collection ever recorded. (Also Read: McKinsey Offers Full Pay For 9 Months And Career Coaching For Employees To Leave Company)
The Ministry of Finance stated that the increase in GST collection in March 2024 was mainly due to a notable rise in GST collected from transactions within the country, which went up by 17.6 per cent. After deducting refunds, the net GST revenue for March 2024 amounted to Rs 1.65 lakh crore, showing a growth of 18.4 per cent compared to the same period last year. (Also Read: Tata International Appoints Rajeev Singhal As MD)
Out of the overall collections, the Central Goods and Services Tax (CGST) amounted to Rs 34,532 crore, the State Goods and Services Tax (SGST) reached Rs 43,746 crore. The Integrated Goods and Services Tax (IGST) totaled Rs 87,947 crore, which includes Rs 40,322 crore collected on imported goods. Moreover, Cess collections were Rs 12,259 crore, including Rs 996 crore collected on imported goods.
In the same period last year, GST collections were at Rs 1.6 lakh crore. In April 2023, the government collected Rs 1.87 lakh crore through GST, the highest-ever GST collected so far. For the fiscal year 2023/24, which ended on March 31, the average gross GST collection stood at Rs 1.68 lakh crore, compared to Rs 1.5 lakh crore the previous year.
The government’s gross GST collection for the fiscal year 2023/24 was approximately 12 per cent higher than the previous year, totaling Rs 20.1 lakh crore, according to the statement. The surge in GST collections reflects the country’s strong economic growth, providing a solid foundation for the government to meet its developmental objectives and priorities. (With PTI Inputs)