March’s gross GST of ₹1.78 lakh crore lifts FY24 revenue to ₹20.2 lakh cr.

Gross revenues from domestic transactions grew 17.6% in March, outpacing February’s 13.9% rise; revenues from goods imports, a calculation by The Hindu indicates, shrank about 5% yearonyear in March, after February’s 8.5% increase

Gross Goods and Services Tax (GST) revenue hit its secondhighest level of ₹1,78,484 crore in March, even as the pace of growth in collections slowed to 11.5%, from February’s 12.5%. This lifted the tally for 202324 by 11.6% to a little over ₹20.18 lakh crore.

Net GST revenue, after accounting for refunds, grew at a faster pace of 18.4% in March to touch ₹1.65 lakh crore, compared with February when they had grown 13.6%. For the full financial year, net GST revenue were ₹18.01 lakh crore, a 13.4% growth.

“Average monthly collection for this fiscal year stands at ₹1.68 lakh crore, surpassing the previous year’s average of ₹1.5 lakh crore,” the Finance Ministry said in a statement, attributing March’s surge in inflows to “a significant rise in GST collection from domestic transactions”.

Gross revenue from domestic transactions (which typically include taxes on services imports) grew 17.6%, compared with a 13.9% rise in February. While the Ministry did not share the growth trajectory for tax from goods imports, a calculation by The Hindu indicates revenue shrank about 5% in March, after February’s 8.5% rise.

On a sequential basis, March’s gross GST revenue rose 6% from February, and net revenue rose 9.3%.

GST Compensation Cess at ₹12,259 crore, was reckoned as the thirdhighest monthly collection.

Central GST collections exceeded FY24’s revised estimate, while there was a modest shortfall in GST compensation cess inflows, said ICRA chief economist Aditi Nayar. For FY25, “the implicit growth needed to meet the Interim Budget Estimate has come down to singledigits [less than 10%], which appears likely to be exceeded,” Ms. Nayar added.