GST Collections March 2024: State Wise Break-up of GST Collections in March 2024 & Overview of FY 2023-24
GST collections for March 2024 were released on the PIB portal on April 1, 2024. March 2024 GST collections stood at Rs.1,78,484 crore, growing from Rs.1,68,337 crore in February 2024.
The GST collections for March 2024 are the second highest for FY23-24. It is higher when compared to the collections recorded in January 2024, which was the second-highest monthly collection ever since GST began! In January 2024, GST collection rose to Rs.1,72,129 crore.
The yearly gross revenue totals Rs.20.14 lakh crore, showcasing an 11.7% growth (13.4% on a net basis). For the financial year 2023-24, the Centre settled Rs.4,87,039 crore towards CGST and Rs.4,12,028 crore towards SGST from the total IGST collected.
Break up of GST Collections for March 2024
GST collections for CGST work out to Rs.34,532 crore, whereas for SGST is Rs.43,746 crore. Also, the IGST collections amounted to Rs.87,947 crore, and the Cess amounted to Rs.12,259 crore. IGST included Rs.40,322 crore, and the cess covered Rs.996 crore collected for imported goods.
The press release by the Finance Ministry indicated that the central government settled Rs.43,264 crore towards CGST and Rs.37,704 crore towards SGST from the IGST collected.
Accordingly, the total revenue for CGST is Rs.77,796 crore and for SGST is Rs.81,450 crore after regular settlement.
Analysis of the GST Collection for March 2024
The March 2024 GST collections saw a whopping rise from the previous months. The average monthly collection for the fiscal year 2023-24 is Rs.1.68 lakh crore, exceeding the FY 2022-23 average of Rs.1.5 lakh crore.
The gross GST collection reached Rs.20.14 lakh crore for FY 2023-24, growing 11.7% Y-o-Y. The revenue net of GST refunds as of 31st March 2024 for FY 2023-24 is Rs.18.01 lakh crore, up 13.4% for the same period the previous year. Below is a breakdown of the components of GST recorded for the FY 2023-24-
- Central Goods and Services Tax (CGST): Rs.3,75,710 crore;
- State Goods and Services Tax (SGST): Rs.4,71,195 crore;
- Integrated Goods and Services Tax (IGST): Rs.10,26,790 crore, including Rs.4,83,086 crore collected on imported goods;
- Cess: Rs.1,44,554 crore, including Rs.11,915 crore collected on imported goods.
This fiscal performance underscores the continued growth momentum and positive trajectory of GST collections in India, reflecting an increasingly robust economic environment.
The chart below shows the YoY comparison of the monthly GST collection in India for FY 2023-24.
Image credit- PIB
GST Collection for March 2024 State-wise
The PIB has released the state-wise GST collections for March 2024. Maharashtra has topped the list in absolute numbers, followed by Karnataka, Gujarat, Tamil Nadu, Haryana, and Uttar Pradesh.
Regarding the highest YoY growth, Ladakh, Dadra and Nagar Haveli and Daman & Diu, Nagaland, Tripura, Jammu & Kashmir, and Karnataka have recorded more than 25% YoY growth rate compared to the same month in the last year.
Following is the list with the state-wise revenue for all states/UTs-
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% |
Yearly Comparison of State-wise SGST settled before and after the Settlement
Below is the state-wise overview of the pre-settlement and post-settlement State GST figures for the FY 2023-24-
| Particulars | Pre-Settlement SGST | Post-Settlement SGST | ||||
State/UT | 2022-23 | 2023-24 | Growth | 2022-23 | 2023-24 | Growth |
Jammu and Kashmir | 2,350 | 2,945 | 25% | 7,272 | 8,093 | 11% |
Himachal Pradesh | 2,346 | 2,597 | 11% | 5,543 | 5,584 | 1% |
Punjab | 7,660 | 8,406 | 10% | 19,422 | 22,106 | 14% |
Chandigarh | 629 | 689 | 10% | 2,124 | 2,314 | 9% |
Uttarakhand | 4,787 | 5,415 | 13% | 7,554 | 8,403 | 11% |
Haryana | 18,143 | 20,334 | 12% | 30,952 | 34,901 | 13% |
Delhi | 13,619 | 15,647 | 15% | 28,284 | 32,165 | 14% |
Rajasthan | 15,636 | 17,531 | 12% | 35,014 | 39,140 | 12% |
Uttar Pradesh | 27,366 | 32,534 | 19% | 66,052 | 76,649 | 16% |
Bihar | 7,543 | 8,535 | 13% | 23,384 | 27,622 | 18% |
Sikkim | 301 | 420 | 39% | 839 | 951 | 13% |
Arunachal Pradesh | 494 | 628 | 27% | 1,623 | 1,902 | 17% |
Nagaland | 228 | 307 | 35% | 964 | 1,057 | 10% |
Manipur | 321 | 346 | 8% | 1,439 | 1,095 | -24% |
Mizoram | 230 | 273 | 19% | 892 | 963 | 8% |
Tripura | 435 | 512 | 18% | 1,463 | 1,583 | 8% |
Meghalaya | 489 | 607 | 24% | 1,490 | 1,713 | 15% |
Assam | 5,180 | 6,010 | 16% | 12,639 | 14,691 | 16% |
West Bengal | 21,514 | 23,436 | 9% | 39,052 | 41,976 | 7% |
Jharkhand | 7,813 | 8,840 | 13% | 11,490 | 12,456 | 8% |
Odisha | 14,211 | 16,455 | 16% | 19,613 | 24,942 | 27% |
Chhattisgarh | 7,489 | 8,175 | 9% | 11,417 | 13,895 | 22% |
Madhya Pradesh | 10,937 | 13,072 | 20% | 27,825 | 33,800 | 21% |
Gujarat | 37,802 | 42,371 | 12% | 58,009 | 64,002 | 10% |
Dadra and Nagar Haveli and Daman and Diu | 637 | 661 | 4% | 1,183 | 1,083 | -8% |
Maharashtra | 85,532 | 1,00,843 | 18% | 1,29,129 | 1,49,115 | 15% |
Karnataka | 35,429 | 40,969 | 16% | 65,579 | 75,187 | 15% |
Goa | 2,018 | 2,352 | 17% | 3,593 | 4,120 | 15% |
Lakshadweep | 10 | 19 | 93% | 47 | 82 | 75% |
Kerala | 12,311 | 13,967 | 13% | 29,188 | 30,873 | 6% |
Tamil Nadu | 36,353 | 41,082 | 13% | 58,194 | 65,834 | 13% |
Puducherry | 463 | 509 | 10% | 1,161 | 1,366 | 18% |
Andaman and Nicobar Islands | 183 | 206 | 12% | 484 | 528 | 9% |
Telangana | 16,877 | 20,012 | 19% | 38,008 | 40,650 | 7% |
Andhra Pradesh | 12,542 | 14,008 | 12% | 28,589 | 31,606 | 11% |
Ladakh | 171 | 250 | 46% | 517 | 653 | 26% |
Other Territory | 201 | 231 | 15% | 721 | 1,123 | 56% |
Grand Total | 4,10,251 | 4,71,195 | 15% | 7,70,747 | 8,74,223 | 13% |
The GST Collections March 2024 was released by the Ministry of Finance in a press report on the PIB website on 1st April 2024.
Also Read
GST Collection February 2024
GST Collection January 2024
GST Collection December 2023
GST Collection November 2023
GST Collection October 2023
GST Collection September 2023
GST Collection August 2023
GST Collection July 2023
GST Collection June 2023
GST Collection May 2023
GST Collection April 2023
GST Collection March 2023
Quick Summary
March 2024 GST collections reached Rs.1,78,484 crore, the second-highest for the financial year 2023-24. The total revenue includes CGST, SGST, IGST, and Cess. State-wise, Maharashtra topped the list, with many states showing significant YoY growth. The yearly gross revenue stands at Rs.20.14 lakh crore, showcasing growth in GST collections. The March 2024 collections reflect positive economic growth momentum.
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