India’s GST revenue collection saw an increase of 9.9% year-over-year, reaching Rs 1.96 lakh crore in March. The breakdown shows Central GST at Rs 38,100 crore, whilst State GST reached Rs 49,900 crore. The Integrated GST amounted to Rs 95,900 crore, and GST cess collections totalled Rs 12,300 crore for March.
Abhishek Jain, Indirect Tax Head & Partner, KPMG said, “A nearly 10% growth in collections compared to last year reflects economic stability and strong tax compliance by companies. With fiscal year-end adjustments and reconciliations underway, we can expect a further surge in month-on-month growth in the next set of collection”
The net GST collections for March reached Rs 1.76 lakh crore, showing a 7.3% year-over-year growth. The gross GST collections for FY25 totalled Rs 22.08 lakh crore, indicating a 9.4% increase. After refund adjustments, the net GST collections for FY25 stood at Rs 19.56 lakh crore, up by 8.6%.
February witnessed a 9.1% rise in GST collections, reaching Rs 183,646 crore, driven by substantial increases in domestic revenue sources. January collections amounted to Rs 1.96 lakh crore, showing a 12.3% growth compared to the previous year.
December collections registered Rs 1.77 lakh crore, displaying a 7.3% year-over-year increase. This showed a reduction from November’s 8.5% growth, attributed to post-festive season reduced spending.
The government’s Budget outlined an 11% projected increase in GST revenue for the year, with expected collections of Rs 11.78 lakh crore, inclusive of Central GST and compensation cess.