Industrial production records 4.9 % growth in March, 5.8% in FY24

IIP growth: The  industrial production in the country saw a growth of 4.9 per cent in March this year, as per official data issued on Friday. The factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 1.9 per cent in March 2023.  Index of Industrial Production (IIP) of the country grew by 4.9 per cent in March 2024, the official statement added.

As per the statement, during the April-December 2023 period, gross GST collection witnessed a robust 12 per cent YoY growth, reaching Rs 14.97 lakh crore, as against Rs 13.40 lakh crore collected in the same period of the previous year (April-December 2022).

The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added. 

"The gross GST revenue collected in the month of December, 2023 is Rs 1,64,882 crore out of which CGST is Rs 30,443 crore, SGST is Rs 37,935 crore, IGST is Rs 84,255 crore (including Rs 41,534 crore collected on import of goods) and cess is Rs 12,249 crore (including Rs 1,079 crore collected on import of goods). Notably, this marks the seventh month so far this year with collections exceeding ₹1.60 lakh crore.

The government has settled Rs 40,057 crore to CGST and Rs 33,652 crore to SGST from IGST. The total revenue of Centre and the States in the month of December, 2023 after regular settlement is Rs 70,501 crore for CGST and Rs 71,587 crore for the SGST, it added.

The revenues for the month of December, 2023 are 10.3 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 13 per cent higher than the revenues from these sources during the same month last year.

(With Press Trust of India inputs)