Goods and Services Tax (GST) collections in March grew by 11.5 per cent to Rs 1.78 lakh crore, buoyed by domestic transactions, the Finance Ministry said on Monday.

The gross GST collection for the last financial year (April 2023-March 2024) stood at Rs 20.14 lakh crore, 11.7 per cent higher than the mop-up in the preceding financial year.

Average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding financial year.

“Gross GST revenue for March 2024 witnessed the second-highest collection ever at Rs 1.78 lakh crore, with 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent,” the ministry said in a statement.

The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.

GST revenue net of refunds for March 2024 was Rs 1.65 lakh crore, 18.4 per cent higher over the same period a year ago.