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Ministry of Finance

Second highest monthly Gross GST Revenue collection in March at Rs.1.78 lakh crore; Records 11.5% y-o-y growth (18.4% on net basis)

Yearly gross revenue Rs.20.18 lakh crore; 11.7% growth (13.4% on net basis)

Posted On: 01 APR 2024 3:41PM by PIB Delhi

Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs.1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%. GST revenue net of refunds for March 2024 is Rs.1.65 lakh crore which is growth of 18.4% over same period last year.

Strong Consistent Performance in FY 2023-24: FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.18 lakh crore exceeding Rs.20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at 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% over same period last year.

Positive Performance Across Components:

Breakdown of March 2024 Collections:

  • Central Goods and Services Tax (CGST): Rs.34,532 crore;
  • State Goods and Services Tax (SGST): Rs.43,746 crore;
  • Integrated Goods and Services Tax (IGST): Rs.87,947 crore, including Rs.40,322 crore collected on imported goods;
  • Cess: Rs.12,259 crore, including Rs.996 crore collected on imported goods.

Similar positive trends are observed in the entire FY 2023-24 collections:

  • Central Goods and Services Tax (CGST): Rs.3,75,710 crore;
  • State Goods and Services Tax (SGST): Rs.4,71,195 crore;
  • Integrated Goods and Services Tax (IGST): 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 collected on imported goods.

Inter-Governmental Settlement: In the month of March, 2024, the Central Government settled Rs.43,264 crore to CGST and Rs.37,704 crore to SGST from the IGST collected. This translates to a total revenue of Rs.77,796 crore for CGST and Rs.81,450 crore for SGST for March, 2024 after regular settlement. For the FY 2023-24, the central government settled Rs.4,87,039 crore to CGST and Rs.4,12,028 crore to SGST from the IGST collected.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of March, 2024 as compared to March, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of March, 2024.

Table 1: State-wise growth of GST Revenues during March, 2024[1]

State/UT

Mar-23

Mar-24

Growth (%)

Jammu and Kashmir

 477

 601

26%

Himachal Pradesh

 739

 852

15%

Punjab

 1,735

 2,090

20%

Chandigarh

 202

 238

18%

Uttarakhand

 1,523

 1,730

14%

Haryana

 7,780

 9,545

23%

Delhi

 4,840

 5,820

20%

Rajasthan

 4,154

 4,798

15%

Uttar Pradesh

 7,613

 9,087

19%

Bihar

 1,744

 1,991

14%

Sikkim

 262

 303

16%

Arunachal Pradesh

 144

 168

16%

Nagaland

 58

 83

43%

Manipur

 65

 69

6%

Mizoram

 70

 50

-29%

Tripura

 90

 121

34%

Meghalaya

 202

 213

6%

Assam

 1,280

 1,543

21%

West Bengal

 5,092

 5,473

7%

Jharkhand

 3,083

 3,243

5%

Odisha

 4,749

 5,109

8%

Chhattisgarh

 3,017

 3,143

4%

Madhya Pradesh

 3,346

 3,974

19%

Gujarat

 9,919

 11,392

15%

Dadra and Nagar Haveli and Daman & Diu

 309

 452

46%

Maharashtra

 22,695

 27,688

22%

Karnataka

 10,360

 13,014

26%

Goa

 515

 565

10%

Lakshadweep

 3

 2

-18%

Kerala

 2,354

 2,598

10%

Tamil Nadu

 9,245

 11,017

19%

Puducherry

 204

 221

9%

Andaman and Nicobar Islands

 37

 32

-14%

Telangana

 4,804

 5,399

12%

Andhra Pradesh

 3,532

 4,082

16%

Ladakh

 23

 41

82%

Other Territory

 249

 196

-21%

Center Jurisdiction

 142

 220

55%

Grand Total 1,16,659 1,37,166 18%

Table-2: SGST & SGST portion of IGST settled to States/UTs April-March (Rs. in crore)

  Pre-Settlement SGST Post-Settlement SGST[2]
State/UT 2022-23 2023-24 Growth 2022-23 2023-24 Growth

Jammu and Kashmir

 2,350

 2,945

25%

 7,272

 8,093

11%

Himachal Pradesh

 2,346

 2,597

11%

 5,543

 5,584

1%

Punjab

 7,660

 8,406

10%

 19,422

 22,106

14%

Chandigarh

 629

 689

10%

 2,124

 2,314

9%

Uttarakhand

 4,787

 5,415

13%

 7,554

 8,403

11%

Haryana

 18,143

 20,334

12%

 30,952

 34,901

13%

Delhi

 13,619

 15,647

15%

 28,284

 32,165

14%

Rajasthan

 15,636

 17,531

12%

 35,014

 39,140

12%

Uttar Pradesh

 27,366

 32,534

19%

 66,052

 76,649

16%

Bihar

 7,543

 8,535

13%

 23,384

 27,622

18%

Sikkim

 301

 420

39%

 839

 951

13%

Arunachal Pradesh

 494

 628

27%

 1,623

 1,902

17%

Nagaland

 228

 307

35%

 964

 1,057

10%

Manipur

 321

 346

8%

 1,439

 1,095

-24%

Mizoram

 230

 273

19%

 892

 963

8%

Tripura

 435

 512

18%

 1,463

 1,583

8%

Meghalaya

 489

 607

24%

 1,490

 1,713

15%

Assam

 5,180

 6,010

16%

 12,639

 14,691

16%

West Bengal

 21,514

 23,436

9%

 39,052

 41,976

7%

Jharkhand

 7,813

 8,840

13%

 11,490

 12,456

8%

Odisha

 14,211

 16,455

16%

 19,613

 24,942

27%

Chhattisgarh

 7,489

 8,175

9%

 11,417

 13,895

22%

Madhya Pradesh

 10,937

 13,072

20%

 27,825

 33,800

21%

Gujarat

 37,802

 42,371

12%

 58,009

 64,002

10%

Dadra and Nagar Haveli and Daman and Diu

 637

 661

4%

 1,183

 1,083

-8%

Maharashtra

 85,532

 1,00,843

18%

 1,29,129

 1,49,115

15%

Karnataka

 35,429

 40,969

16%

 65,579

 75,187

15%

Goa

 2,018

 2,352

17%

 3,593

 4,120

15%

Lakshadweep

 10

 19

93%

 47

 82

75%

Kerala

 12,311

 13,967

13%

 29,188

 30,873

6%

Tamil Nadu

 36,353

 41,082

13%

 58,194

 65,834

13%

Puducherry

 463

 509

10%

 1,161

 1,366

18%

Andaman and Nicobar Islands

 183

 206

12%

 484

 528

9%

Telangana

 16,877

 20,012

19%

 38,008

 40,650

7%

Andhra Pradesh

 12,542

 14,008

12%

 28,589

 31,606

11%

Ladakh

 171

 250

46%

 517

 653

26%

Other Territory

 201

 231

15%

 721

 1,123

56%

Grand Total  4,10,251 4,71,195 15%  7,70,747 8,74,223 13%

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