Government collected ₹ 1.78 lakh crore from GST in March: This is 11.5% more than last year, collection for the entire financial year crosses ₹ 20 lakh crore.

Government collected ₹ 1.78 lakh crore from GST in March: This is 11.5% more than last year, collection for the entire financial year crosses ₹ 20 lakh crore.

The government has collected Rs 1.78 lakh crore from Goods and Services Tax i.e. GST in March-2024. This is 11.5% more than a year ago. Then Rs 1.60 lakh crore was collected from GST. Whereas a month ago in February 2024, GST collection was Rs 1.68 lakh crore. GST collection has increased by 11.7% to Rs 20.14 lakh crore in FY 2024. The average collection every month has increased to Rs 1.68 lakh crore. In the last financial year it was Rs 1.5 lakh crore. Till now, the highest GST collection was in April 2023, when this figure had crossed Rs 1.87 lakh crore. CGST was Rs 31,785 crore, SGST was Rs 39,615 crore. According to the Finance Ministry, GST collection in March 2024 was ₹ 1,78,484 crore. Of this, CGST was Rs 34,532 crore, SGST was Rs 43,746 crore, IGST was Rs 87,947 crore (including Rs 40,322 crore collected on import of goods) and cess was Rs 12,259 crore. Cess includes Rs 996 crore received from import of goods. GST was implemented in 2017. GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.

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