GST revenues grow 12.5 pc to ₹1.68 lakh cr in Feb, 4th highest since rollout.

GST collections rose by 12.5 per cent to ₹1.68 lakh crore in February 2024 compared to the year-ago period buoyed by an increase in domestic sales as well as imports.

With this, the gross GST collection in April-February of the current fiscal stood at ₹18.40 lakh crore, up by 11.7 per cent year-on-year.

“Gross Goods and Services Tax (GST) revenue collected for February 2024 is ₹1,68,337 crore, marking a robust 12.5 per cent increase compared to that in the same month in 2023. 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,” a finance ministry statement said.

The average monthly collections in the current fiscal stood at ₹1.67 lakh crore, higher than ₹1.5 lakh crore in the previous fiscal.

GST revenue net of refunds for February 2024 is ₹1.51 lakh crore, a growth of 13.6 per cent over February 2023.

The central government settled ₹41,856 crore to Central GST and ₹35,953 crore to State GST from the Integrated GST collected. This translates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement in February.

The highest-ever GST collection was recorded at ₹1.87 lakh crore in April 2023, followed by ₹1.74 lakh crore in January 2024, and ₹1.72 lakh crore in October 2023. In February 2024, the collections came in at ₹1.68 lakh crore, the fourth-highest monthly collections so far.

Source: Hindustan Times