02-Apr-2024
2 mins read
In the month of March, Goods and Service Tax (GST) collection rose 11.5% on the annual basis to Rs 1.78 lakh crore. It is the second highest GST collection since the regime became effective in July 2017.
The Finance Ministry said in a press release that the monthly surge in collection is due to a significant rise in GST collection from domestic transactions at 17.6%. Also, the Indian Auto industry hit new highs in FY24 with a sale of 4.23 Million domestic vehicles, marking an 8.74% increase on a YoY basis.
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GST Collection in Detail, Discussed Here
Of the total collection, CGST stood at Rs 34,532 crore, SGST stood at Rs 43,746 crore and IGST was at Rs 87,947 crore, including Rs 40,322 crore collected on imported goods. The Cess stood at Rs 12,259 crore, including Rs 996 crore collected on imported goods.
The highest ever GST collection was recorded in April 2023 which is at Rs 1.87 lakh crore. GST collection in February 2024, registered a growth of 12.5% to Rs 1.7 lakh crore, the fifth highest since it rolled out.
The average GST collection in FY24 increased to Rs 1.68 lakh crore from Rs 1.5 lakh crore in FY23.
Except Manipur and the Union Territory of Dadra and Nagar Haveli and Daman and Dui every other state and UT recorded a growth during FY24, after the IGST settlement.
Also, the UPI transaction in India, posted a 57% rise in the volumes and 44% in value in FY24 over the previous financial year.
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