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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. 20.18 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
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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% |