GST Collections Hit Second Highest Ever in March

  • India's Goods and Services Tax (GST) collections surged to ₹1.78 lakh crore in March 2024.
  • This represents an 11.5% year-on-year growth, the second-highest collection since GST implementation.
  • The strong performance is attributed to a significant rise (17.6%) in domestic transactions.
  • This indicates a robust economic recovery and increased consumption activity.
  • The entire financial year (FY24) also witnessed a positive trend, with average monthly collections reaching ₹1.68 lakh crore, exceeding the previous year by 12%.
  • Surpassing the ₹20 lakh crore mark, the total FY24 collections mark a significant milestone for India's tax system.

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