02.03.2024 GST revenues reach ₹1.68 lakh cr in February, fourth-highest monthly collections

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

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