Total GST Collection in India for the year 2024
Goods and Services Tax (GST) has revolutionised India's indirect taxation system manifold. While replacing many indirect tax structures, it has streamlined the compliance system by leveraging technology. In the year 2024, GST collections broke some records and in this article, we will analyse key highlights and aspects that made this possible.
GST Performance Trends (2017–2024)
The total GST Collection for the calendar year 2024 amounted to Rs.21.36 lakh crore, the highest collection since 2017.
The growth of year-wise collection reflects a steady graph, which showcases the resilience of the Indian economy and the success of GST reforms in broadening the tax base.
There was a 8.86% growth in the total collection for the year 2024 at Rs.21.36 lakh crores as compared to the year 2023 which stood at Rs.19.62 lakh crores.
The following figure represents the trend of GST collection from FY 2017-18 to FY 2024-25*
FY 2024-25* includes months from April 2024 to December 2024
Monthly GST Collection for the year 2024
The month-wise GST Collection shows a dynamic pattern of growth. The highest-ever monthly GST collection was recorded at Rs.2.10 lakh crore for the month of April, which experts suggest was driven by financial year-end transactions and regulatory deadlines.
State-wise GST Collection in 2024
Maharashtra, as always topped the chart with a GST collection of Rs.3,18,497 crore, driven by its industrial hubs and high consumption patterns. Maharashtra’s contribution constituted approximately 16% of the national GST revenue. Next up was Karnataka, which had Rs.1,43,023 crore. Karnataka emerged as a major contributor, benefiting from a booming IT sector and robust manufacturing. Gujarat stood third contributing Rs.1,74,938 crore.
The month-wise analysis highlights the dynamic nature of GST revenue throughout the year:
These figures underscore the importance of compliance deadlines, festive seasons, and economic cycles in influencing GST revenue.
India's 2024 GST receipts show the success of tax changes and the resilience of the economy. GST has established itself as a pillar of India's revenue structure with steady growth and increased compliance.
India must continue to prioritise streamlining compliance, utilising technology, and promoting economic expansion in all areas as it looks to the future. The 2024 trends present a positive outlook and lay a solid basis for the years to come.
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