Record GST revenue, Rs 1.78 lakh crore in March, GST revenue to reach Rs 20.14 lakh crore in fiscal year

Goods and Services Tax collection in March of FY 2023-24 increased by 11.5 percent year-on-year to Rs. 1.78 lakh crore has happened. Goods and Services Tax collection increased in March due to increase in domestic transactions, Finance Ministry said today on Monday. This is the second highest ever monthly Goods and Services Tax collection. April 2023 saw the highest ever Goods and Services Tax collection of Rs 1.87 lakh crore.

Earned this much in the year 2023-2024

With the increase in collection in March, the total Goods and Services Tax collection for the entire financial year 2023-24 stands at Rs 20.14 lakh crore. Which is 11.7 percent more than the previous financial year 2022-23. The average monthly Goods and Services Tax collection this financial year is Rs. 1.68 lakh crore, which was Rs. 1.5 lakh crore was more than

Information given by the Ministry of Finance

The Finance Ministry said in a statement that the total revenue of Goods and Services Tax for March 2024 was the second highest ever at Rs 1.78 lakh crore with an increase of 11.5 per cent year-on-year. The jump in tax collection was due to a 17.6 percent increase in domestic transactions. After paying refunds in the month of March, the net GST revenue was Rs. 1.65 lakh crore, which is 18.4 percent higher than the same period a year ago.

Record revenue in January

The Goods and Services Tax showered money on the central government in January. The government's total Goods and Services Tax collection in January 2024 was Rs 1,72,129 crore. Which in January 2023 Rs. 1,55,922 crore was 10.4 percent higher than the collection. The government's goods and services tax collection rose by 11.6 percent to Rs 16.69 lakh crore between April and January in the financial year. While the government's Goods and Services Tax collection in the same period of the previous financial year 2022-23 was Rs 14.96 lakh crore.