New Delhi, April 2 -- Gross Goods and Services Tax revenues in March crossed Rs.1.96 lakh crore with 9.9% year-on-year growth, the second highest monthly collection since the launch of the indirect tax regime in July 2017. The fiscal year 2024-25 closed with over Rs.22.08 lakh crore in gross revenues, reflecting 9.4% annual growth.
Net GST collections in March, however, saw lower year-on-year growth of 7.3% at Rs.1.76 lakh crore compared to the annual average of 8.6% in FY25, mainly because of high refunds, according to finance ministry data released on Tuesday. GST refunds in March reached Rs.19,615 crore, a 41.2% jump from Rs.13,892 crore refunded in the same month last year. Total refunds in the 2024-25 financial year were Rs.2,52,827 c...