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

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Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹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 ₹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. 20.14 lakh crore exceeding ₹20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at ₹1.68 lakh crore, surpassing the previous year’s average of ₹1.5 lakh crore. GST revenue net of refunds as of March 2024 for the current fiscal year is ₹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): ₹34,532 crore;
  • State Goods and Services Tax (SGST): ₹43,746 crore;
  • Integrated Goods and Services Tax (IGST): ₹87,947 crore, including ₹40,322 crore collected on imported goods;
  • Cess: ₹12,259 crore, including ₹996 crore collected on imported goods.

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

  • Central Goods and Services Tax (CGST): ₹3,75,710 crore;
  • State Goods and Services Tax (SGST): ₹4,71,195 crore;
  • Integrated Goods and Services Tax (IGST): ₹10,26,790 crore, including ₹4,83,086 crore collected on imported goods;
  • Cess: ₹1,44,554 crore, including ₹11,915 crore collected on imported goods.

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

Chart: Trends in GST Collection

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%

[1]Does not include GST on import of goods

[2] Post-Settlement GST is cumulative of the GST revenues of the States/UTs and the SGST portion of the IGST settled to the States/UTs

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