India's GST Collections Hit Record High: ?1.78 Trillion in March, Exceed ?20 Trillion Annually

Key highlights from the recent report include:

• The average monthly GST collection for the fiscal year stood at ?1.68 lakh crore, exceeding the previous year's average and demonstrating a sustained positive trajectory in revenue collection.
• A breakdown of the components of March 2024's GST collection reveals contributions across the board:
• Central GST (CGST) at ?34,532 crore
• State GST (SGST) at ?43,746 crore
• Integrated GST (IGST) at ?87,947 crore (including collections on imported goods)
• Cess at ?12,259 crore (including collections on imported goods)

Furthermore, the inter-governmental settlement figures for March 2024 and the entire fiscal year underscore the systematic revenue distribution between central and state governments, ensuring that both levels of government have the requisite funds to meet their fiscal responsibilities and development goals.This unprecedented performance in GST collections reflects the resilience of India's economy and the growing trust and participation of the business community in the nation's tax framework. These robust figures provide a solid foundation for continued economic growth and fiscal stability as we chart our course forward.

We invite you to join us in celebrating this significant milestone and look forward to the continued success and prosperity of India's GST system.

To know more :