Record-Breaking GST Collections in March

In a significant economic indicator, India's GST collections witnessed a remarkable 9.9% increase, reaching Rs 1,96,141 crore in March. This marks the second-highest monthly collection in the history of the Goods and Services Tax (GST), showcasing the resilience of the domestic economy amidst global challenges.

Domestic and Import Contributions

Collections from domestic transactions rose by 8.8% to nearly Rs 1.5 lakh, while import-related GST saw a sharper increase of over 13%, totaling nearly Rs 47,000 crore. This disparity highlights the growing volume of imports compared to the previous year.

Annual Growth and Regional Performances

The financial year concluded with an estimated 9.5% increase in collections, amounting to over Rs 22 lakh crore. States like Haryana, Delhi, Maharashtra, and Bihar led with double-digit growth rates, whereas Arunachal and Nagaland experienced declines.

Expert Insights

"The sustained growth in GST collections reflects a robust domestic economy, driven by consumer spending and effective government initiatives," noted Saurabh Agarwal of EY India. However, the slowdown in consumption growth and the need for stricter GST audits to prevent leakages were also emphasized by experts like Pratik Jain from PwC.