01.04.2024: March 2024 saw the Gross Goods and Services Tax (GST) revenue soar to an impressive ₹1.78 lakh crore, marking the second-highest collection ever and boasting an 11.5% year-on-year growth. This upsurge was predominantly fueled by a substantial uptick in GST collection from domestic transactions, which surged by 17.6%. Furthermore, the GST revenue net of refunds for March 2024 stood at ₹1.65 lakh crore, reflecting a growth of 18.4% compared to the same period last year.
FY 2023-24 showcased remarkable consistency and strength, with total gross GST collection surpassing the significant milestone of ₹20.18 lakh crore, representing an 11.7% increase from the previous fiscal year. The average monthly collection for this fiscal year stood at a commendable ₹1.68 lakh crore, outshining the previous year’s average of ₹1.5 lakh crore. As of March 2024, the GST revenue net of refunds for the current fiscal year reached ₹18.01 lakh crore, exhibiting a robust growth of 13.4% compared to the corresponding 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.
January 2024 GST Collection
The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is ₹1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of ₹155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023).
Notably, this is the second highest monthly collection ever and marks the third month in this financial year with collection of ₹1.70 lakh crore or more. The government has settled ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection.
During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6% y-o-y growth (till 05:00 PM of 31.01.2024), reaching ₹16.69 lakh crore, as against ₹14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).
December 2023
The total gross GST revenue collected in the month of December, 2023 is ₹1,64,882 crore out of which CGST is ₹30,443 crore, SGST is ₹37,935 crore, IGST is ₹84,255 crore (including ₹41,534 crore collected on import of goods) and cess is ₹12,249 crore (including ₹1,079 crore collected on import of goods). Notably, this marks the seventh month so far this year with collections exceeding ₹1.60 lakh crore.
Further, during the period April-December 2023, gross GST collection witnessed a robust 12% y-o-y growth, reaching ₹14.97 lakh crore, as against ₹13.40 lakh crore collected in the same period of the previous year (April-December 2022).
November 2023 Collection
The Gross GST collection crosses ₹1.60 lakh crore mark for the sixth time in FY 2023-24. GST collection is higher by 11.9% Y-o-Y for FY2023-24 up to November 2023.
Consolidated GST revenue in November 2023 is ₹1,67,929 crore comprising CGST ₹30,420 crore, SGST ₹38,226 crore, IGST ₹87,009 crore (including ₹39,198 crore collected and good imports) cess is ₹12,274 crore (including ₹1,036 crore collected on import of goods). ).
The government has settled ₹37,878 crore to CGST and ₹31,557 crore to SGST from IGST. Total revenue of Center and States in November 2023 after regular settlement is ₹68,297 crore for CGST and ₹69,783 crore for SGST.
The revenue for the month of November 2023 is 15% higher than the GST revenue for the same month last year and is the highest for any month in the year-on-year period till November 2023.
In this month, domestic revenue transactions (including import of services) are 20% higher than the revenue received from these sources in the same month last year. Total GST collection has crossed the ₹1.60 lakh crore mark for the sixth time in FY 2023-24.
The gross GST collection for the financial year 2023-24 ending November 2023 [₹13,32,440 crore, an average of ₹1.66 lakh per month] is 11.9% higher than the gross GST collection for the financial year 2022-23 ending November, 2022 [₹11,90,920 crore, averaging ₹1.49 lakh crore per month].
GST Collection September 2023
Rs. 1,62,712 crore gross GST revenue collected during the month of September 2023. It records 10% Year-on-Year growth. On the other hand GST collection crosses ₹1.60 lakh crore mark for the fourth time in FY 2023-24. Similarly, ₹9,92,508 crore gross GST collection for the first half of FY 2023-24 marks 11% Y-o-Y growth. Thus, the Average monthly gross GST collection in FY 2023-24 at Rs. 1.65 lakh crore with 11% Y-o-Y growth. Below are the breakups:
- CGST is ₹29,818 crore
- SGST is ₹37,657 crore
- IGST is ₹83,623 crore
- Cess is ₹11,613 crore
So, if you note the overall figures of the revenue trends are growing.
June 2023
There is no doubt that the GST Revenue Collections are boosting month to month. Thus, being the largest state in the country Maharashtra has contributed additional 17% GST revenue in the month of June 2023 as compared to the previous year in the same month.
The GST revenue of the Maharashtra state for the previous year in the same month was Rs. 22,341.40 crores. On the other hand in the month of June 2023, it rose to Rs. 26,098.78 crores. Thus, it is a rise of 16.81%. Similarly, there is a rise in GST collection from the state of a collection of about 27%.
If we see the overall figures then, ₹1,61,497 crore gross GST revenue was collected for June 2023 from all the states. The figure consists of CGST ₹31,013 crore, SGST is ₹38,292 crore, and IGST is ₹80,292.
GST Collection for May 2023
In May of 2023, the total gross revenue collected from the Goods & Services Tax (GST) was ₹1,57,090 crore. This amount includes ₹28,411 crore from the Central GST (CGST), ₹35,828 crore from the State GST (SGST), ₹81,363 crore from the Integrated GST (IGST), which includes ₹41,772 crore collected on imported goods, and ₹11,489 crore from the cess, which includes ₹1,057 crore collected on imported goods.
In May 2023, the Indian government collected a total of ₹99,166 crore in Goods and Services Tax (GST) revenue. Of this amount, ₹35,369 crore was settled to the Central GST (CGST) and ₹29,769 crore to the State GST (SGST) from the Integrated GST (IGST). After regular settlement, the CGST revenue was ₹63,780 crore and the SGST revenue was ₹65,597 crore.
In May of 2023, the collection of GST (Goods and Services Tax) saw a 12% increase in revenue compared to the same month in the previous year. This increase was due to a 12% rise in revenue from imported goods and an 11% increase in revenue from domestic transactions, including the import of services. These figures indicate a positive trend in GST collection and suggest a healthy economy.
Net April 2023 GST Collection
The India’s gross GST revenue collection in the month of April, 2023 is ₹ 1,87,035 crore of which CGST is ₹38,440 crore, SGST is ₹47,412 crore, IGST is ₹89,158 crore (including ₹34,972 crore collected on import of goods) and cess is ₹12,025 crore (including ₹901 crore collected on import of goods).
The government has settles ₹45,864 crore to CGST and ₹37,959 crore to SGST from IGST. The total revenue of Centre and the States in the month of April 2023 after regular settlement is ₹84,304 crore for CGST and ₹85,371 crore for the SGST.
The Goods and Service Tax revenues for the month of April 2023 are 12% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 16% higher than the revenues from these sources during the same month last year.
Net March 2023 Collection
The gross GST revenue collected in the month of March 2023 stands to ₹1,60,122 crore. Out of which CGST is ₹29,546 crore, SGST is ₹37,314 crore, IGST is ₹82,907 crore (including ₹42,503 crore collected on import of goods) and cess is ₹10,355 crore (including ₹960 crore collected on import of goods).
This is for the fourth time, in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark registering second highest collection since implementation of GST. This month witnessed the highest IGST collection ever.
Further, the Monthly GST revenues more than ₹1.4 lakh crore for 12 months in a row, with ₹1.6 lakh crore crossed for the 2nd time since inception of GST. Also, the GST revenues clock 13% growth Year-on-Year.
GST Collection February 2023
It is definitely great to see that the GST Revenue figures for the month of February 2023 are ₹1,49,577 crore. Thus, the revenue collection of February 2023 is 12% higher than GST collection in same month last year. Also, it is to note that the monthly GST revenues more than Rs 1.4 lakh crore for 12 straight months in a row. On the other hand, the Y-o-Y revenues from the import of goods are 6% higher and domestic transaction (including import of services) are 15% higher. Below is the break summary of the total GST collection made in the month of February 2023. It would be interestinging to see the next months i.e March 2023 figures.
Consolidated GST revenue in February 2023 is ₹1,49,577 crore comprising CGST ₹27,662 croress, SGST ₹34,915 crore, IGST ₹75,069 crores (including ₹35,689 crores collected on import of goods) ₹11,931 crores (including ₹792 crores collected on import of goods). )
The government has settled ₹34,770 crores from CGST and ₹29,054 crores from SGST to IGST as regular settlement. After regular settlement in February 2023, the total revenue of the Center and the States is ₹62,432 crore for CGST and ₹63,969 crores for SGST. Additionally, the Center had released a balance GST compensation of ₹16,982 crores for the month of June 2022 and ₹16,524 crore to states/UTs which have sent certified figures to the AG for the previous period.
The revenue for February 2023 is 12% higher than the GST revenue for the same month last year, which was Rs. 1,33,026 crores. In this month, revenue from the import of goods was 6% higher and revenue from domestic trade (including the import of services) was 15% higher than revenue from these sources in the same month last year. This month saw the highest cess collection of ₹11,931 crores since the implementation of GST. Generally, since February is a 28-day month, relatively less revenue is collected.
FAQ on GST Collection
It is the total amount of revenue/tax money arrived in the government treasury.
Every taxpayer now makes the GST payment online, which directly goes into the Government treasury.
There may many reasons like:
1. Overall economy slowdown
2. Rates on goods and services may have come down after GST implementation as compared to the previous tax regime.
3. Taxpayers are not paying tax on time
4. Evasion of Tax
Yes, India will see a rise in GST collection in the near future.
₹1,49,577 crore
Important Links on GST
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