The Finance Ministry announced on Monday that the Gross Goods and Services Tax (GST) collection in March saw an 11.5% year-over-year increase to Rs 1.78 trillion.

According to the ministry, a notable surge in tax receipts from domestic transactions contributed to the second-highest GST collection ever. In April 2023, the GST collection reached a record high of Rs 1.87 trillion.

In comparison to FY23, the gross total GST collection for FY24 increased by 11.7% to Rs 20.14 trillion.

The Ministry reports that FY24's average monthly collection was Rs 1.68 trillion, higher than FY23's average of Rs 1.5 trillion. As of March 2024, the current fiscal year's GST revenue, net of refunds, was Rs 18.01 trillion, up 13.4% over the same period the previous fiscal year.

The State Goods and Services Tax (SGST) for the month of March was reported at Rs 43,746 crore, while the Central Goods and Services Tax (CGST) was recorded at Rs 34,532 crore. According to the finance ministry, the total amount of the Integrated products and Services Tax (IGST) was Rs 87,947 crore, of which Rs 40,322 crore was collected on imported products.

The GST collection reached above Rs 1.68 trillion in February, up 12.5% from January.

At nearly Rs 1.72 trillion, the collections in January of this year reached their second-highest monthly total ever. This is an increase of 10.4% over Rs 1.56 trillion from the same month the previous year.