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GST revenues witness 10% growth in March, cross ₹1.96 lakh crore
Hindustan Times Navi Mumbai
|April 02, 2025
Gross Goods and Services Tax revenues in March crossed ₹1.96 lakh crore with 9.9% year-on-year growth, the second highest monthly collection since the launch of the indirect tax regime in July 2017.
NEW DELHI:
The fiscal year 2024-25 closed with over ₹22.08 lakh crore in gross revenues, reflecting 9.4% annual growth.
Net GST collections in March, however, saw lower year-on-year growth of 7.3% at ₹1.76 lakh crore compared to the annual average of 8.6% in FY25, mainly because of high refunds, according to finance ministry data released on Tuesday.
GST refunds in March reached ₹19,615 crore, a 41.2% jump from ₹13,892 crore refunded in the same month last year.
Total refunds in the 2024-25 financial year were ₹2,52,827 crore, posting 16.4% year-on-year growth.
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