Rs 20.18 Lakh crore gross GST collection in 2023-24,11.7% growth
Economy
4 min read
For the first time, gross Goods and Service Tax(GST) collection crossed the Rs 20 lakh crore mark in a financial year. In 2023 -24, the total gross GST collection was Rs 20.18 lakh crore, an increase of 11.7% compared to the last financial year. The average monthly collection for the 2023-24 fiscal year was 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 the same period last year.
Record Gross GST Collection in March 2024
The gross GST collection in March 2024 was Rs 1.78 lakh crore, a growth of 11.5% compared to March 2023. It was the second-largest monthly collection of GST since the GST was introduced in July 2017.
The highest-ever single-month gross GST collection of Rs 1.87 lakh crore was achieved in April 2023.
According to the Union Ministry of Finance, the record collection in March month was due to an increase in domestic transactions.
GST revenue net of refunds for March 2024 was Rs 1.65 lakh crore, which is 18.4% higher than the same period last year.
Maharashtra was the major contributor to the GST collection in March 2024. Its contribution was Rs 27,688 crore.
Breakdown of Gross GST collection for the 2023-24 fiscal year
During the fiscal year 2023-24, the contribution of
- Central Goods and Services Tax (CGST) was Rs 3,75,710 crore;
- State Goods and Services Tax (SGST) was Rs 4,71,195 crore;
- Integrated Goods and Services Tax (IGST) was 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, were collected on imported goods.
Goods and Service Tax
The Goods and Service Tax was introduced by the 101 Constitutional Amendment Act 2016, which introduced Article 246A in the Constitution.
It replaced almost all the indirect taxes levied by the central government and the state government.
It was implemented all over India on 1 July 2017.
Indirect taxes not replaced by GST
- Basic Custom Duty
- Value Added Taxes on petrol and diesel
- Tax on Tobacco and Alcohol
- Stamp Duty on Property
- Electricity Duty
- Vehicle Tax
- Property Tax
