GST revenue collection in March was a record Rs 1.78 lakh crore. Loktej Business News

GST revenue collection in March was a record Rs 1.78 lakh crore.  Loktej Business News

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New Delhi, 01 April (HS). Goods and Services Tax (GST) revenue collection in March stood at Rs 1.78 lakh crore. There has been a jump of 11.5 percent in GST collection on annual basis, while on monthly basis this is the second highest level of GST collection.

The Finance Ministry said in a statement issued on Monday that the net GST revenue collection after refunds in March stood at Rs 1.65 lakh crore, which is 18.4 percent more than the same period a year ago. GST revenue collection has increased in March due to increase in domestic transactions. This is the second highest monthly GST revenue collection ever. Earlier, the highest GST revenue collection was Rs 1.87 lakh crore in April 2023. With the increase in GST collection in March, the total GST revenue collection for the entire financial year 2023-24 stood at Rs 20.14 lakh crore, which is 11.7 percent more than the financial year 2022-23.

According to the Finance Ministry, out of the GST collection of Rs 1.78 lakh crore for March 2024, CGST is Rs 34,532 crore, SGST is Rs 43,746 crore, IGST is Rs 87,947 crore (including Rs 40,322 crore collected on import of goods) and Cess is Rs 12,259 crore. , which includes Rs 996 crore received from import of goods.

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