February’s GST income progress mirrored the third-highest uptick in 2023-24 and lifted the whole collections to date this 12 months to ₹18.4 lakh crore. File
| Photo Credit: Reuters
India’s gross revenues from the Goods and Services Tax (GST) grew at a three-month excessive tempo of 12.54% in February to cross ₹1.68 lakh crore, marking the fourth-highest month-to-month collections from the tax.
February’s GST income progress mirrored the third highest uptick in 2023-24 and lifted the whole collections to date this 12 months to ₹18.4 lakh crore, 11.7% above the identical interval final 12 months. The gross GST kitty of ₹1,68,337 crore in February was 3.3% decrease than January’s up to date assortment numbers of ₹1,74,106 crore, the second-highest tally since GST was launched in July 2017.
Editorial | Growth indicators: On GST revenues
The GST numbers “demonstrate continued growth momentum and positive performance”, the Finance Ministry asserted, noting that collections from home transactions rose 13.9%, whereas items imports delivered a 8.5% rise in revenues.
State-wise knowledge
After refunds, the Ministry pegged final month’s GST assortment at ₹1.51 lakh crore, 13.6% over February 2023’s collections. Overall internet GST revenues this 12 months have grown at a sharper tempo of 13% than gross revenues, and stand at ₹16.36 lakh crore.
Among the States, 5 recorded contractions in revenues in February, whereas 18 States clocked decrease upticks than the nationwide common progress of 13.9% in revenues from home transactions. Revenues dropped 14% and 13% for Mizoram and Manipur respectively, whereas Nagaland (-5%), Bihar, and Jharkhand (each -1%) reported milder declines.
Revenues grew sooner than the nationwide common in 12 States, together with the erstwhile State of Jammu and Kashmir (23%), Assam (25%), Maharashtra (21%), Karnataka (19%), Telangana, and Punjab (18%), in addition to Kerala and Delhi (up 16% every).
Compensation cess collections
February’s gross GST consumption included ₹31,785 crore of Central GST (CGST), ₹39,615 crore of State GST (SGST) and ₹84,098 crore of Integrated GST or IGST, of which ₹38,593 crore was collected on imported items. The GST compensation cess collections stood at ₹12,839 crore, with a little bit underneath a thousand crore rupees obtained on imported items.
“The Central government settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected. This translates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement,” the Ministry stated in an announcement.
