India's goods and services tax collection rises 11.5% year-on-year in March

India's gross goods and services tax (GST) collection in March rose 11.5% year-on-year to 1.78 trillion rupees ($21.35 billion), a government statement showed on Monday.

The government had collected 1.60 trillion rupees as GST in the same period last year.

The March total was the second highest since the start of the goods and services tax regime in 2017, the statement said. In April 2023, the government had collected 1.87 trillion rupees as GST.

Average gross GST collection for financial year 2023/24 that ended March 31, was 1.68 trillion rupees as against 1.5 trillion rupees a year ago.

For the fiscal year 2023/24, the government's gross GST collected was about 12% higher than for the previous year at 20.1 trillion rupees, the statement said.

(Reporting by Nikunj Ohri; Editing by Alison Williams and Barbara Lewis)