New Delhi, Apr 1 (UNI): Indicating a rise in business activity, the Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second-highest collection ever at Rs 1.78 lakh crore with 11.5% year-on-year growth.
This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is a growth of 18.4% over the same period last year, the Ministry of Finance said in a statement.
With a record second-highest collection in the last month of March, the fiscal year 2023-24 also ended with a milestone with a total gross GST collection of Rs 20.14 lakh crore exceeding Rs 20 lakh crore received in the previous financial years. The yearly collection is an 11.7% increase from the previous year.
“Record collections exceeding Rs 20 lakh crore during 2023-24 demonstrates the economic resurgence across sectors and was possible due to the various measures taken by the GST authorities to improve compliance and stamp out evasion,” MS Mani, Partner Deloitte India, said in a statement.
The big focus on the comparison of taxpayer behaviour across tax and corporate databases has also made businesses convinced about the need to be compliant not only in their activities but also keep track of their vendors’ tax behaviour and ensuring that the entire value chain becomes compliant, he added.
The average monthly collection for this fiscal year stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore. GST revenue net of refunds as of March 2024 for the current fiscal year is Rs 18.01 lakh crore which is a growth of 13.4 per cent over the same period last year.
