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KOHIMA — Nagaland state witnessed a 43 per cent growth in goods and services tax (GST) revenue collection during March 2024 compared to March 2023.
The GST revenue collection during March 2023 was INR 58 crore, which saw a significant increase to INR 83 crore during March 2024, according to the Ministry of Finance.
The pre-settlement SGST from April 2022 to March 2023 was INR 228 crore, and INR 307 crore during 2023-24, a growth of 35 per cent.
The post-settlement SGST during 2023 witnessed a decrease in revenue of 8 per cent growth, with INR 964 crore in 2023 and INR 1057 crore in 2024.
The Ministry further updated that the Gross Goods and Services Tax revenue in India for March 2024 witnessed the second biggest collection ever at INR 1.78 lakh crore, with an 11.5 per cent year-on-year growth.
“This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent. The GST revenue net of refunds for March 2024 is INR 1.65 lakh crore which is growth of 18.4 per cent over same period last year,” it stated.
The FY 2023-24 marks a milestone with total gross GST collection of INR 20.18 lakh crore exceeding INR 20 lakh crore, a 11.7 per cent increase compared to the previous year.
The average monthly collection for this fiscal year stands at INR 1.68 lakh crore, surpassing the previous year’s average of INR 1.5 lakh crore. GST revenue net of refunds as of March 2024 for the current fiscal year is INR 18.01 lakh crore, which is a growth of 13.4 per cent over the same period last year, it added.