The revenue for the month of March 2024 is higher by 14.7% than the GST revenues in the same month last year. Goods and Services Tax collection in March hit an all-time high of over Rs. 1.42 trillion, the finance ministry told in its report on Friday.
With the record collection, the Centre’s GST account has exceeded the reverse budget target of Rs. 5.7 trillion for the previous fiscal ended March 31, 2024. The gross GST collection is Rs.1.42 trillion, of which Central GST is Rs. 25,930 crores, State GST is Rs. 39,131 crores and Integrated GST is Rs. 74,470 (including the collection of Rs. 39,131 on imports) and cess is Rs. 9,417 crores (including the Rs. 981 crores collected from imports of goods).
The Government has settled Rs. 28,916 crores to CGST and Rs. 25,032 crores to SGST from IGST as regular settlement. The Centre and the state’s total revenue in February after the regular settlement is Rs. 65,646 to CGST and Rs. 67,410 to SGST.
In the last quarter of FY22, the average monthly gross GST collection has been Rs.1.38 trillion as against the monthly collection of Rs. 1.1 trillion, Rs. 1.15 trillion, Rs. 1.3 in the previous quarters respectively.
Partner of Deloitte India MS Mani said “While State-wise variations t in terms of GST collection growth exists, it would be interesting on basis of analysis of the state-wise GDP growth associated with GST collection during the same period”.
“Even in subsequent months, there is bound to be a substantial increase with further reduction in e-invoice limits to Rs. 20 crores from Rs. 50 crores” Parag Mehta, Partner, NA Shah Associates, said.
