GST collection rose 9.9% in March, reaching Rs 1.96 lakh crore

The country's economy performed exceptionally well in the fourth quarter of the fiscal year 2024-25, due to which GST collection registered a growth of 9.9% in March and it reached Rs 1.96 lakh crore. This is good news as the new monetary year begins from April 1. According to government data, Central GST (CGST) collection was Rs 38,100 crore, State GST (SGST) Rs 49,900 crore, and Integrated GST (IGST) Rs 95,900 crore. Thus, the total gross GST revenue became Rs 12,300 crore.

Speaking to Times of India, Abhishek Jain, partner and head (indirect tax), KPMG, said, "About 10% growth in GST collections compared to last year is a sign of economic strength and shows that the industry has paid taxes properly. We can expect further growth in the next quarter."

Net GST collections in March reached Rs 1.76 lakh crore, showing a growth of 7.3% over the previous year. Gross GST collections for FY25 stood at Rs 22.08 lakh crore, showing a growth of 9.4%. After refund adjustments, net GST collections reached Rs 19.56 lakh crore, showing a growth of 8.6%.

In February, GST collection grew by 9.1% to Rs 1.83 lakh crore due to an increase in domestic revenue sources. In January, GST collection was Rs 1.96 lakh crore, showing a growth of 12.3% compared to last year.

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