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GST Revenue collection at Rs 1,68,337 cr in Feb 2024
Photo Courtesy: UNI

GST Revenue collection at Rs 1,68,337 cr in Feb 2024

| @indiablooms | 01 Mar 2024, 05:53 pm

The government said on Friday that the GST collection in the month of February stood at Rs 1,68,337 crore, marking a robust growth of 12.5 percent over the same month last year.

According to an official statement of the Ministry of Finance, this growth was driven by a 13.9 percent rise in GST from domestic transactions and an 8.5 percent increase in GST from imports of goods.

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

As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7 percent higher than the collection for the same period in FY 2022–23.

According to the data released by the Finance Ministry, the average monthly gross collection for financial year 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 Rs 16.36 lakh crore, which is a growth of 13.0 percent over that for the same period last year. Overall, the GST revenue figures demonstrate continued growth momentum and positive performance.

Of the total collections for the month of February, Central Goods and Services Tax (CGST) was Rs 31,785 crore, whereas State Goods and Services Tax (SGST) contributed Rs 39,615 crore.

The Integrated Goods and Services Tax (IGST) was Rs 84,098 crore, including Rs 38,593 crore collected on imported goods. The cess component was Rs 12,839 crore, including Rs 984 crore collected on imported goods, the statement added.

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.

(With UNI inputs)

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