New Delhi, April 1: India’s Goods and Services Tax (GST) collection for March grew by 9.9% to over Rs 1.96 lakh crore, according to government data released on Tuesday. This marks the 13th consecutive month of GST collections exceeding Rs 1.7 lakh crore.
GST revenue from domestic transactions saw an 8.8% increase, amounting to Rs 1.49 lakh crore, while revenue from imported goods grew by 13.56% to Rs 46,919 crore. Total refunds during March rose by 41% to Rs 19,615 crore.
After adjusting for refunds, net GST revenue stood at over Rs 1.76 lakh crore, reflecting a 7.3% growth compared to the same period last year.
For the fourth quarter of FY25, GST collections reached Rs 5.8 lakh crore, marking a 10.4% increase compared to the previous year. Net GST collections for March, after discounting refunds, were up by 7.6% year-on-year.
The rise in GST collections indicates a positive performance by the Indian economy. According to the second advance estimate, the economy would need to grow by 7.6% in the fourth quarter to meet the 6.5% growth target for FY25.
Chief Economic Advisor V. Ananth Nageswaran had previously stated that the economy could still reach the target, with factors such as Mahakumbh-related spending and government capital expenditure providing a boost. However, a shortfall in government spending may impact the final growth rate.
Tags: Northlines, GST
