GST collections for March rise to an 11-month high of Rs 1.96 lakh crore

GST collections for March rise 6.5% MoM to Rs 1.96 lakh crore

Indian economy performed well in the fourth quarter of the fiscal FY25 (2024-25), with GST collections recording a 10 percent rise to Rs 1.96 lakh crore in March compared with Rs 1.84 lakh crore in the previous month.

March marks the 13th consecutive month of over Rs 1.7 lakh crore of collections.

For the quarter, GST collections at Rs 5.8 lakh crore were 10.4 percent higher compared with the similar period during the previous year.

Net GST collections for March, after discounting the refunds, were also 7.6 percent higher from the previous year.

The Indian economy would need to grow 7.6 percent in the fourth quarter to achieve the 6.5 percent growth estimate set as per the second advance estimate of the central government.

Chief economic advisor V Anatha Nageswaran last month had said that India could reach the target as Mahakumbh related spending, along with government capex push is expected to help.

The central government capex at Rs 8.1 lakh crore for the April-February period was much lower than the Rs 10.2 lakh crore revised estimate set in the recent Budget.

The economy would likely fall short of the target, as the government had to spend Rs 2.1 lakh crore in the last month of the fiscal.