GST Revenue for the month of March 2024 is ₹1.78 lakh crore

GST Revenue for the month of March 2024 is ₹1.78 lakh crore

The Gross Goods and Services tax revenue collection for the month of March 2024 hit ₹1,78,484 crore which is the second highest level. Even though the pace of growth in comparison to February 2024 slowed to 11.5 percent from 12.5 percent.

The total gross GST revenue collection for 2023-24 is ₹20.18 lakh crore and witnessed 11.6 percent growth.

Net GST revenue collection:

The Net GST revenue for the month of March 2024 is ₹1.65 lakh crore and witnessed a robust growth of 18.4 percent. (NET GST revenue after Accounting for refunds). In the month of February the growth was 13.6 percent. If we talk about the full financial year 2023-24, the net GST revenue collection hit a remarkable ₹18.01 lakh crore with a pace of growth of 13.4 percent.

Average monthly collection:

If we talk about the average monthly GST revenue collection, it stands at 1.68 lakh crore for this fiscal year. It is higher than the last year’s average monthly GST collections which was ₹1.5 lakh crore.

More important data:

• If we compare subsequent monthly growth, the month of March 2024 witnessed 6 percent growth in gross GST revenue and 9.3 percent growth in net GST revenue collection in comparison to February 2024.
• The gross GST collection from domestic transactions grew 17.6 percent. In the month of February 2024 it was 13.9 percent growth.
• GST Compensation Cess for the month of March 2024 stood at ₹12,259 crore which is the third highest monthly collection.

Important terms:

Goods and services tax–

GST stands for Goods and Services Tax. It is a consumption tax levied on the supply of goods and services in many countries around the world. GST is designed to replace other indirect taxes such as sales tax and value-added tax, streamlining the taxation process and reducing administrative complexities.

Year-on-year growth-

Year-on-year (YoY) growth, also known as year-over-year growth, is a measure used in financial and economic analysis to compare the performance of a particular metric, such as revenue, sales, or GDP, between two points in time separated by one year.

Fiscal year-

A fiscal year is a 12-month period used for financial reporting and budgeting purposes by businesses, governments, and other organizations. It may or may not coincide with the calendar year.

Conclusion:

The GST revenue collections of this fiscal year has been witnessing a clear and robust growth and the continuation of this trend is expected for the rest period of time. The overall economic condition and other industrial outcomes contribute to the growth of the GST revenue collections.

Important Questions:

• What is the GST Revenue collection for the month of March 2024?
• What is the goods and services tax?

Download Online Mock Test Mobile APP

• Join Official Telegram Channel
• Join Official Whatsapp Group

Recommended PDF’s for 2024:

• Computer Capsule 2024 : Download PDF
• Banking Awareness (Theory+MCQ’s) Complete PDF : Download Now
• Get FREE Study Materials & PDFs for IBPS , RBI, SBI, LIC AAO , LIC Assistant, NIACL & Other Exams Over the mail and Whatsapp