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GST collections in Feb rise 12.5% to cross Rs 1.68 lakh crore

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GST collections in Feb rise 12.5% to cross Rs 1.68 lakh crore

New Delhi, March 1 (Ajit Weekly News) Gross Goods and Services Tax (GST) revenue collections for February rose by a robust 12.5 per cent year-on-year in February to Rs 1,68,337 crore, according to figures released by the Finance Ministry on Friday.

The 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. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6 per cent over that for the same month 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 per cent higher than the collection for the same period in FY 2022-23.

The average monthly gross collection for FY 2023-24 works out Rs 1.67 lakh crore, exceeding the corresponding figure of Rs 1.5 lakh crore for the previous year.

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 per cent over that for 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.

–Ajit Weekly News

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