India's goods and services tax (GST) collection in March reached ₹1.78 lakh crore, marking an 11.5% increase from the previous year and the second-highest since the tax regime's launch in 2017. The total gross collection for FY24 exceeded the revised budget estimate, standing at ₹20.18 lakh crore. This indicates strong domestic demand, with average monthly collections in 2023-24 up by 17.6% year-on-year. Experts suggest that the upcoming general election may further boost consumption and GST collection, potentially leading to a revision of the FY25 GST target.
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