Overview on Gross & Net GST revenue collection for Mar 2025
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Summary of insights: Gross and Net GST revenue collections for March 2025
Analysis of GST Collections for March 2025
Overall Monthly Collection: The GST collection for March 2025 witnessed a notable rise, totaling INR 1,96,141 crore, reflecting a 9.9% year-on-year (YoY) growth over INR 1,78,484 crore collected in March 2024. This marks a stronger growth compared to the 9.1% YoY growth recorded in February 2025. Key Components—March 2025
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CGST: INR 38,145 crore
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SGST: INR 49,891 crore
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IGST: INR 95,853 crore
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Cess: INR 12,253 crore
While revenue from imports grew by 13.5%, domestic transactions registered a YoY growth of 8.8%, showing strong import-related collections.
State-wise GST Collections—March 2025
The government also released state-wise gross GST revenue data for March 2025.
Gross GST Revenue—March 2025
| Component | Mar 2024 (INR Cr) | Mar 2025 (INR Cr) | YoY Growth |
|---|---|---|---|
| CGST | 34,532 | 38,145 | — |
| SGST | 43,746 | 49,891 | — |
| IGST (Total) | 87,947 | 95,853 | — |
| CESS | 12,259 | 12,253 | — |
| Total Gross GST | INR 1,78,484 Cr | INR 1,96,141 Cr | 9.9% |
Net GST Revenue – March 2025
| Component | Mar 2024 (INR Cr) | Mar 2025 (INR Cr) | YoY Growth |
|---|---|---|---|
| CGST | 31,617 | 35,524 | — |
| SGST | 40,203 | 46,230 | — |
| IGST (Total) | 80,830 | 82,730 | — |
| CESS | 11,942 | 12,043 | — |
| Total Net GST | INR 1,64,592 Cr | INR 1,76,526 Cr | 7.3% |
Full-Year Comparison (FY 2023–24 vs. 2024–25)
| Component | FY 2023–24 (INR Cr) | FY 2024–25 (INR Cr) | Growth (%) |
|---|---|---|---|
| Gross GST Revenue | INR 20,18,249 | INR 22,08,861 | 9.4% |
| Net GST Revenue | INR 18,01,075 | INR 19,56,034 | 8.6% |
Refund Trends
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Total Refunds (Mar-25): INR 19,615 Cr vs INR 13,892 Cr in Mar-24 (+41.2%).
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Yearly Refunds: INR 2.52 lakh Cr in FY 24–25 vs INR 2.17 lakh Cr in FY 23–24 (+16.4%).
Top States by Monthly Growth in GST Revenues—March 2025
| State | Growth YoY (%) |
|---|---|
| Tripura | 32% |
| Center Jurisdiction | 32% |
| Meghalaya | 26% |
| Andaman & Nicobar Islands | 60% |
| Bihar | 30% |
States with Negative Growth
| State | Growth YoY (%) |
|---|---|
| Manipur | -18% |
| Mizoram | -8% |
| Himachal Pradesh | -3% |
| Jammu & Kashmir | -1% |
Top States by Absolute Revenue:
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Maharashtra – ₹31,534 crore
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Karnataka – ₹13,497 crore
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Gujarat – ₹12,095 crore
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Tamil Nadu – ₹11,795 crore
These states continue to be the backbone of India’s monthly GST revenue.
States with Over 20% Growth:
Several states and UTs showed exceptional growth (YoY over 20%), including:
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Andaman & Nicobar Islands – 60%
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Tripura – 32%
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Bihar – 30%
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Lakshadweep – 27%
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Meghalaya – 26%
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Goa – 20%
These figures reflect improved compliance, economic activity, or base effect gains.
Key State Highlights:
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Maharashtra saw a 14% growth, maintaining its lead as the highest revenue generator.
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Karnataka, another major contributor, posted a 4% growth over the previous year.
Noteworthy Points
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IGST from imports grew from INR 40,322 Cr (Mar 2024) to INR 45,782 Cr (Mar 2025).
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Export Refunds surged by 201.9%, from INR 2,679 Cr to INR 8,089 Cr in March alone.
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The Net Domestic GST Revenue rose 9.3%, while Net Revenue from Customs (GST) saw a modest rise of 0.5%.