March 2024 GST revenue hit ₹1.78 lakh crore, the second-highest for the year. FY 2023-24 saw 11.7% growth with detailed state-wise data.
The Goods and Services Tax (GST) collection data for March 2024 was officially released on April 1, 2024. Total GST revenue for March 2024 reached ₹1,78,484 crore, marking an increase from ₹1,68,337 crore reported in February 2024. This figure represents the second-highest monthly collection for the fiscal year 2023-24. Notably, it also surpassed the January 2024 collection of ₹1,72,129 crore, which had previously been the second-highest monthly collection since the inception of GST. The cumulative gross revenue for the entire financial year 2023-24 amounted to ₹20.14 lakh crore, indicating an 11.7% year-on-year growth. When considering net revenue after refunds, the growth rate stood at 13.4%. For FY 2023-24, the central government allocated ₹4,87,039 crore to the Central GST (CGST) and ₹4,12,028 crore to the State GST (SGST) from the total Integrated GST (IGST) collected.
Breakdown of GST Collections for March 2024
In March 2024, the distribution of GST collections was as follows: CGST accounted for ₹34,532 crore, while SGST stood at ₹43,746 crore. Integrated GST (IGST) collections reached ₹87,947 crore, which included ₹40,322 crore from imported goods. Additionally, the Cess collection totaled ₹12,259 crore, with ₹996 crore originating from imported goods. According to the Finance Ministry’s press release, the central government transferred ₹43,264 crore towards CGST and ₹37,704 crore towards SGST from the accumulated IGST. Consequently, the total revenue after regular settlement stood at ₹77,796 crore for CGST and ₹81,450 crore for SGST.
Analysis of March 2024 GST Revenue
The March 2024 GST collections showed substantial growth compared to previous months. The average monthly collection throughout the fiscal year 2023-24 was ₹1.68 lakh crore, surpassing the FY 2022-23 average of ₹1.5 lakh crore. For the full fiscal year 2023-24, the gross GST collection reached ₹20.14 lakh crore, achieving an 11.7% year-over-year increase. The net revenue, after accounting for GST refunds as of March 31, 2024, for FY 2023-24 was ₹18.01 lakh crore, representing a 13.4% rise compared to the same period in the previous year. The breakdown of GST components for FY 2023-24 is detailed below:
- 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.
This strong fiscal performance highlights the ongoing growth trajectory of GST collections in India, indicating a progressively robust economic landscape.
State-wise GST Collection Figures for March 2024
The Press Information Bureau (PIB) released the state-wise GST collection data for March 2024. Maharashtra led the states in absolute collection figures, followed by Karnataka, Gujarat, Tamil Nadu, Haryana, and Uttar Pradesh. Regarding year-on-year growth, several regions demonstrated significant increases, with Ladakh, Dadra and Nagar Haveli and Daman & Diu, Nagaland, Tripura, Jammu & Kashmir, and Karnataka all recording growth rates exceeding 25% compared to the same month in the prior year. The following table presents the revenue figures for all states and Union Territories:
| State/UT | March 2023 | March 2024 | Growth (%) |
|---|---|---|---|
| Jammu and Kashmir | 477 | 601 | 26% |
| Himachal Pradesh | 739 | 852 | 15% |
| Punjab | 1,735 | 2,090 | 20% |
| Chandigarh | 202 | 238 | 18% |
| Uttarakhand | 1,523 | 1,730 | 14% |
| Haryana | 7,780 | 9,545 | 23% |
| Delhi | 4,840 | 5,820 | 20% |
| Rajasthan | 4,154 | 4,798 | 15% |
| Uttar Pradesh | 7,613 | 9,087 | 19% |
| Bihar | 1,744 | 1,991 | 14% |
| Sikkim | 262 | 303 | 16% |
| Arunachal Pradesh | 144 | 168 | 16% |
| Nagaland | 58 | 83 | 43% |
| Manipur | 65 | 69 | 6% |
| Mizoram | 70 | 50 | -29% |
| Tripura | 90 | 121 | 34% |
| Meghalaya | 202 | 213 | 6% |
| Assam | 1,280 | 1,543 | 21% |
| West Bengal | 5,092 | 5,473 | 7% |
| Jharkhand | 3,083 | 3,243 | 5% |
| Odisha | 4,749 | 5,109 | 8% |
| Chhattisgarh | 3,017 | 3,143 | 4% |
| Madhya Pradesh | 3,346 | 3,974 | 19% |
| Gujarat | 9,919 | 11,392 | 15% |
| Dadra and Nagar Haveli and Daman & Diu | 309 | 452 | 46% |
| Maharashtra | 22,695 | 27,688 | 22% |
| Karnataka | 10,360 | 13,014 | 26% |
| Goa | 515 | 565 | 10% |
| Lakshadweep | 3 | 2 | -18% |
| Kerala | 2,354 | 2,598 | 10% |
| Tamil Nadu | 9,245 | 11,017 | 19% |
| Puducherry | 204 | 221 | 9% |
| Andaman and Nicobar Islands | 37 | 32 | -14% |
| Telangana | 4,804 | 5,399 | 12% |
| Andhra Pradesh | 3,532 | 4,082 | 16% |
| Ladakh | 23 | 41 | 82% |
| Other Territory | 249 | 196 | -21% |
| Center Jurisdiction | 142 | 220 | 55% |
| Grand Total | 1,16,659 | 1,37,166 | 18% |
Annual Comparison of State-wise SGST Before and After Settlement
The following section provides a state-wise breakdown of State Goods and Services Tax (SGST) figures for the fiscal year 2023-24, both prior to and following the settlement process:
| Particulars | Pre-Settlement SGST | Post-Settlement SGST |
|---|---|---|
| State/UT | 2022-23 | 2023-24 |
| Jammu and Kashmir | 2,350 | 2,945 |
| Himachal Pradesh | 2,346 | 2,597 |
| Punjab | 7,660 | 8,406 |
| Chandigarh | 629 | 689 |
| Uttarakhand | 4,787 | 5,415 |
| Haryana | 18,143 | 20,334 |
| Delhi | 13,619 | 15,647 |
| Rajasthan | 15,636 | 17,531 |
| Uttar Pradesh | 27,366 | 32,534 |
| Bihar | 7,543 | 8,535 |
| Sikkim | 301 | 420 |
| Arunachal Pradesh | 494 | 628 |
| Nagaland | 228 | 307 |
| Manipur | 321 | 346 |
| Mizoram | 230 | 273 |
| Tripura | 435 | 512 |
| Meghalaya | 489 | 607 |
| Assam | 5,180 | 6,010 |
| West Bengal | 21,514 | 23,436 |
| Jharkhand | 7,813 | 8,840 |
| Odisha | 14,211 | 16,455 |
| Chhattisgarh | 7,489 | 8,175 |
| Madhya Pradesh | 10,937 | 13,072 |
| Gujarat | 37,802 | 42,371 |
| Dadra and Nagar Haveli and Daman and Diu | 637 | 661 |
| Maharashtra | 85,532 | 1,00,843 |
| Karnataka | 35,429 | 40,969 |
| Goa | 2,018 | 2,352 |
| Lakshadweep | 10 | 19 |
| Kerala | 12,311 | 13,967 |
| Tamil Nadu | 36,353 | 41,082 |
| Puducherry | 463 | 509 |
| Andaman and Nicobar Islands | 183 | 206 |
| Telangana | 16,877 | 20,012 |
| Andhra Pradesh | 12,542 | 14,008 |
| Ladakh | 171 | 250 |
| Other Territory | 201 | 231 |
| Grand Total | 4,10,251 | 4,71,195 |
The Ministry of Finance published the March 2024 GST Collections report on the PIB website on April 1, 2024.
