India collected Rs 1.68 lakh crore as goods and services tax (GST) in February, up 12.5 per cent from the year earlier, reflecting continued momentum in economic activity.
This growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods, the government highlighted in a press release.
GST revenue net of refunds for February 2024 stood at Rs 1.51 lakh crore registering a growth of 13.6 per cent over that for the same period last year.
Strong Performance in FY24
The total gross GST collection for the current fiscal year stood at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23, as of February 2024.
The average monthly gross collection for FY 2023-24 was recorded at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore collected in the previous year’s corresponding period.
“GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0 per cent over that for the same period last year. Overall, the GST revenue figures demonstrate continued growth momentum and positive performance,” the official release highlighted.
Breakdown of February 2024 Collections:
Central Goods and Services Tax (CGST): Rs 31,785 crore
State Goods and Services Tax (SGST): Rs 39,615 crore
Integrated Goods and Services Tax (IGST): Rs 84,098 crore, including Rs 38,593 crore collected on imported goods
Cess: Rs 12,839 crore, including Rs 984 crore collected on imported goods
Inter-Governmental Settlement: The central government settled Rs 41,856 crore to CGST and Rs 35,953 crore to SGST from the IGST collected. This translates to a total revenue of Rs 73,641 crore for CGST and Rs 75,569 crore for SGST after regular settlement.