GST Collections In February 2024 Jump 12.5% YoY To Rs 1.68 Lakh Crore; Check Details

Gross GST collection in February 2024 jumped 12.5 per cent year-on-year (YoY) to Rs 1,68,337 crore, according to an official statement released on Friday.

“Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs 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% rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods,” the finance ministry said in the statement.

GST revenue net of refunds for February 2024 stood at Rs 1.51 lakh crore, which is a 13.6 per cent growth over that for the same period last year.

With the latest collections of February 2024, the total gross GST collection for the current financial 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 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. GST revenue net of refunds as of February 2024 for the current fiscal year is ₹16.36 lakh crore which is a growth of 13 per cent over that for the same period last year,” according to the statement.

Abhishek Jain, partner and national head (indirect tax) at KPMG in India, said, “A strong 12.5 per cent growth in overall GST collections and specially 13.9 per cent growth in GST collections from domestic transactions have added to the cheer of 8.4 per cent growth in GDP in Q3. This collectively shows the robustness of the Indian economy and domestic consumption story going strong.”

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

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, according to the statement.

Meanwhile, according to the data released by the finance ministry on Thursday, February 29, the government’s net tax revenues rose by 11 per cent, while non-tax revenues expanded by 46 per cent boosted by the RBI dividend, amid a tepid 1.4 per cent growth in revenue expenditure, and a strong 26.5 per cent YoY expansion in capex.