New Delhi: The gross Goods and Service Tax (GST) collection in February grew 12.5 per cent to over Rs 1.68 lakh crore. Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs1,68,337 crore. As per the Union Finance ministry, this growth in GST revenue was driven by a 13.9 percent rise in GST from domestic transactions and 8.5 percent increase in GST from import of goods.
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. 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.
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As of February this year, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore. This is 11.7 percent higher than the collection for the same period in 2022-23. The average monthly gross collection for 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in previous year’s corresponding period.
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 in at Rs 1.68 lakh crore, the fourth-highest monthly collections so far.
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