GST collections grows 12.5 pc to over Rs 1.68 lakh crore in February
Mar 01, 2024
New Delhi [India], March 1 : The gross Goods and Services Tax (GST) revenue collected for February 2024 stood at Rs 1,68,337 crore, marking a robust 12.5 percent increase compared to that in the same month in 2023, the Union Finance Ministry said on Friday.
The Finance Ministry said that the growth was driven by a 13.9 per cent rise in GST from domestic transactions and an 8.5 per cent increase in GST from imports of goods.
According to the data released, GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6 per cent over that for the same period last year.
As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23.
The ministry said that the average monthly gross collection for FY 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in the previous year's corresponding period.
The Finance Ministry further mentioned that the "GST revenue figures demonstrate continued growth momentum and positive performance".
"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 per cent over that for the same period last year," the ministry said.
Giving a breakdown of the GST collections, Finance Ministry stated that Rs 31,785 crore was collected as Central Goods and Services Tax (CGST), Rs 39,615 crore was collected as State Goods and Services Tax (SGST) and Rs 84,098 crore was collected as Integrated Goods and Services Tax (IGST) including Rs 38,593 crore collected on imported goods.
