GST revenues grow 12.5% to Rs 1.68L cr in Feb

GST collections surged by 12.5 per cent to reach Rs 1.68 lakh crore in February 2024 compared to the corresponding period last year, fueled by heightened domestic sales and increased imports.

The cumulative gross GST collection for April-February of the ongoing fiscal year amounted to Rs 18.40 lakh crore, reflecting a notable 11.7 per cent year-on-year rise.

“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 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 Rs 1.67 lakh crore, higher than Rs 1.5 lakh crore in the previous fiscal.

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

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

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