The authorities has launched GST assortment knowledge for February 2024. (Photo: Shutterstock)
GST Collections in February 2024: The whole gross GST assortment for the present monetary yr now stands at Rs 18.40 lakh crore, which is 11.7 per cent increased than the gathering for a similar interval in FY 2022-23
Gross GST assortment in February 2024 jumped 12.5 per cent yr-on-yr (YoY) to Rs 1,68,337 crore, in response to an official assertion launched on Friday.
“Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs 1,68,337 crore, marking a robust 12.5 per cent increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods,” the finance ministry mentioned within the assertion.
GST income internet of refunds for February 2024 stood at Rs 1.51 lakh crore, which is a 13.6 per cent development over that for a similar interval final yr.
With the newest collections of February 2024, the full gross GST assortment for the present monetary yr stands at Rs 18.40 lakh crore, which is 11.7 per cent increased than the gathering for a similar interval in FY 2022-23.
“The average monthly gross collection for FY 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 ₹16.36 lakh crore which is a growth of 13 per cent over that for the same period last year,” in response to the assertion.
Abhishek Jain, companion and nationwide head (oblique tax) at KPMG in India, mentioned, “A strong 12.5 per cent growth in overall GST collections and specially 13.9 per cent growth in GST collections from domestic transactions have added to the cheer of 8.4 per cent growth in GDP in Q3. This collectively shows the robustness of the Indian economy and domestic consumption story going strong.”
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, together with Rs 38,593 crore collected on imported items
- Cess: Rs 12,839 crore, together with Rs 984 crore collected on imported items
The central authorities settled Rs 41,856 crore to CGST and Rs 35,953 crore to SGST from the IGST collected. This interprets to a complete income of Rs 73,641 crore for CGST and Rs 75,569 crore for SGST after common settlement, in response to the assertion.
Meanwhile, in response to the info launched by the finance ministry on Thursday, February 29, the federal government’s internet tax revenues rose by 11 per cent, whereas non-tax revenues expanded by 46 per cent boosted by the RBI dividend, amid a tepid 1.4 per cent development in income expenditure, and a powerful 26.5 per cent YoY enlargement in capex.
