Gross GST mopup second highest; auto sales zoom

Net GST collections rise 18.4% in March, 13.4% in FY24

- INDIVJAL DHASMANA

The financial 2023-24 (FY24) ended on a positive note for the Indian economy with goods and services tax (GST) collection, car sales, and Unified Payments Interface (UPI) transactions hitting high spots.

GST receipts net of refunds grew 18.4 percent at ₹1.65 trillion in March. It had risen 13.6 per cent year-on-year to ₹1.51 trillion in February. With the March numbers, net collection stood at ₹18.01 trillion in FY24, an increase of 13.4 per cent over that in the previous year.

Gross GST collection (before refunds) grew 11.5 per cent to hit the second-highest figure at ₹1.78 trillion in March FY24 despite being pulled down moderately by weaker integrated GST (IGST) on imports of goods.