In the year to March 2024, net Inland Revenue GST totalled $28,093 million up 12.6% on last year. In the year to March 2023, net Inland Revenue GST grew by 1.0%.
The graph above shows net GST Inland Revenue collected by turnover band, from the year ended March 2002 to the year ended March 2024.
Most growth in net Inland Revenue GST from 2002 to 2024 has been in customers with GST turnover exceeding $1 million. Net Inland Revenue GST in this band grew by 12.9% for the year to March 2024 (1.0% in the previous year) and is 423% higher than the year to March 2002.
GST revenue from customers with GST turnover between $60,001 and $250,000 and $250,001 and $1 million has been increasing at a slower rate than customers with GST turnover over $1 million. In the year to March 2024, GST revenue increased by 2.0% for customers with GST turnover between $250,000 and $1 million, and by 2.1% for customers with GST turnover between $60,000 and $250,000.
In the turnover bands of $60,000 and below, Inland Revenue delivers a net GST refund overall. The net refund has decreased from -$1,469 million in the year to March 2023 to -$1,217 million in the year to March 2024.