GST revenue for March saw the second highest collection ever at £17.8 billion, seeing a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%.
GST revenue net of refunds for March is £16.5 bn, a growth of 18.4% over same period last year. FY 2023-24 marks a milestone with total gross GST collection of £201.4 bn exceeding £200 bn, a 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at £16.8 bn, surpassing the previous year’s average of £15 bn.
GST revenue net of refunds as of March for the current fiscal year is £180.1 bn which is a growth of 13.4% over same period last year.
Breakdown of March 2024 Collections: Central Goods and Services Tax (CGST): £3.45 bn; State Goods and Services Tax (SGST): £4.37 bn; Integrated Goods and Services Tax (IGST): £8.79 bn, including £4.03 bn collected on imported goods; Cess: £1.22 bn, including £99.6 mn collected on imported goods.
