GST collection in March at Rs 1.78 lakh crore, second highest figure till date

GST collection in March at Rs 1.78 lakh crore, second highest figure till date

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The average monthly GST collection this fiscal year stood at Rs 1.68 lakh crore, up from Rs 1.5 lakh crore a year ago. “Gross GST revenue for March 2024 witnessed the second-highest collection of Rs 1.78 lakh crore with an increase of 11.5 per cent year-on-year,” the Finance Ministry said in a statement.

New Delhi. In the month of March of the last financial year 2023-24, Goods and Services Tax (GST) collection increased by 11.5 percent on an annual basis to Rs 1.78 lakh crore. The Finance Ministry on Monday said that GST collection has increased in March due to increase in domestic transactions. This is the second highest monthly GST collection ever. The highest ever GST collection was recorded in April 2023 at Rs 1.87 lakh crore. With the increase in collection in March, the total GST collection for the entire financial year 2023-24 became Rs 20.14 lakh crore, which is 11.7 percent more than the financial year 2022-23.

The average monthly GST collection this fiscal year stood at Rs 1.68 lakh crore, up from Rs 1.5 lakh crore a year ago. “Gross GST revenue for March, 2024 witnessed the second-highest collection of Rs 1.78 lakh crore with an increase of 11.5 per cent year-on-year,” the Finance Ministry said in a statement. This jump in tax collection was recorded due to 17.6 percent increase in domestic transactions. Net GST revenue after refund in the month of March stood at Rs 1.65 lakh crore, which is 18.4 percent more than the same period a year ago.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



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