News

Published: April 2, 2024
Updated: April 2, 2024

GST Collection Reaches All-Time High: Rs. 1.78 Trillion in March

March Miracles: A Historic GST Triumph

March witnessed a historic milestone in India's economic journey as GST collections soared to unprecedented heights, touching Rs. 1.78 trillion. This remarkable feat, achieved despite challenges, underscores the resilience and vitality of India's economy.

A Closer Look at the Numbers

Net GST collections, after accounting for refunds, surged by an impressive 18.4% to reach Rs. 1.65 trillion in March. This surge capped off a fiscal year marked by a 13.4% increase in net collections, totaling Rs. 18.01 trillion.

Driving Forces: Automotive Sector Accelerates

The automotive industry also made waves in FY24, with domestic passenger vehicle sales hitting a record high of 4.23 million units. This 8.74% year-on-year increase reflects robust consumer demand and industry dynamism.

Digital Triumph: UPI Transactions Reach New Heights

In tandem with GST success, digital transactions, especially through the Unified Payments Interface (UPI), witnessed a meteoric rise. FY24 saw a record 57% increase in transaction volumes and a 44% increase in transaction value, showcasing India's rapid digital transformation.

As India concludes the fiscal year on a high note, these achievements pave the way for continued economic growth and prosperity. The record-breaking GST collections, coupled with vibrant sectors like automotive and digital payments, signal resilience and resilience in the face of challenges. With prudent policies and dynamic initiatives, India is poised to chart a path of sustained economic triumph in the years ahead.