By According to data released by the Finance Ministry, Gross Goods and Services Tax (GST) revenue collections for February witnessed a significant year-on-year increase of 12.5 percent, reaching Rs 1,68,337 crore.
Growth Drivers
The notable growth in GST revenue for February was fueled by a 13.9 percent rise in GST from domestic transactions and an 8.5 percent increase in GST from the import of goods. The GST revenue, after deducting refunds, stood at Rs 1.51 lakh crore for February 2024, marking a growth of 13.6 percent compared to the same month last year.
Fiscal Year Performance
For the fiscal year 2023-24 up to February 2024, the total gross GST collection amounted to Rs 18.40 lakh crore, reflecting an 11.7 percent increase over the corresponding period in the previous fiscal year. The average monthly gross collection for the current fiscal year was Rs 1.67 lakh crore, surpassing the previous year’s figure of Rs 1.5 lakh crore.
Net Revenue Growth
Considering GST revenue net of refunds, the figure for the current fiscal year up to February 2024 reached Rs 16.36 lakh crore, indicating a growth of 13.0 percent compared to the same period last year.
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).
These figures reflect a positive trend in GST revenue, contributing to the government’s fiscal targets and economic growth aspirations.