In February, Gross Goods and Services Tax (GST) revenue collections exhibited a robust increase of 12.5 percent year-on-year, soaring to Rs 1,68,337 crore, as per the latest data released by the Finance Ministry on Friday.
This growth was predominantly fueled by a 13.9 percent surge in GST from domestic transactions, coupled with an 8.5 percent uptick in GST from the import of goods. The net GST revenue, after accounting for refunds, for February 2024 stands at Rs 1.51 lakh crore, marking a notable growth of 13.6 percent compared to the same month last year.
As of February 2024, the cumulative gross GST collection for the ongoing fiscal year has reached Rs 18.40 lakh crore, reflecting an 11.7 percent increase compared to the corresponding period in FY 2022-23.
The average monthly gross collection for FY 2023-24 stands at Rs 1.67 lakh crore, surpassing the previous year's figure of Rs 1.5 lakh crore.
Additionally, GST revenue net of refunds as of February 2024 for the current fiscal year totals Rs 16.36 lakh crore, marking a growth of 13.0 percent over the same period last year.
Here's the breakdown of the 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, which includes Rs 38,593 crore collected on imported goods
Cess: Rs 12,839 crore, including Rs 984 crore collected on imported goods.
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