March 2024 witnessed India’s second-highest-ever GST collection, reaching Rs. 1.78 lakh crore, marking an impressive 11.5% year-on-year growth. Over the entire fiscal year 2023-24, gross GST collection amounted to Rs. 20.14 lakh crore, reflecting an 11.7% increase from the previous year. Notably, this surge was propelled by a remarkable 17.6% rise in GST collection from domestic transactions. In March 2024 alone, the Central Government disbursed Rs. 43,264 crore to CGST and Rs. 37,704 crore to SGST from the IGST pool.

Analyzing state-wise data reveals that smaller states are demonstrating robust GST penetration, evident in their growth rates. However, states like Jharkhand and Chhattisgarh have reported growth rates of less than 5%, signalling potential areas for further improvement. The momentum of increased revenue signifies that GST implementation in India is transitioning from the stabilization stage to the enhancement stage, paving the way for further economic growth and efficiency.