February GST collections rise 12.5% YoY to Rs. 1.68L crore
India's finance ministry reported that the goods and services tax (GST) collection for February 2024, reached Rs. 1.68 lakh crore, a 12.5% increase compared to the same period last year. However, this figure is 3.3% lower than January's revised GST collection of Rs. 1.74 lakh crore. The ministry emphasized that the GST collection has surpassed the Rs. 1.5-lakh crore mark for the 12th consecutive month, resulting in an average monthly collection of Rs. 1.67 lakh crore in 2023-24.
Growth momentum in GST collections continues
The ministry also revealed that the total gross GST collection for the current fiscal year, as of February 2024, stands at Rs. 18.40 lakh crore, an 11.7% increase compared to the same period in 2022-23. Excluding refunds, the GST revenue for the first 11 months of 2023-24 is Rs. 16.36 lakh crore, a 13% increase from last year. "Overall, the GST revenue figures demonstrate continued growth momentum and positive performance," the government said.
Breakdown of February's GST collection
In February, the Central GST collection amounted to Rs. 31,785 crore, State GST to Rs. 39,615 crore, Integrated GST to Rs. 84,098 crore, and cess to Rs. 12,839 crore. The government settled Rs. 41,856 crore to Central GST and Rs. 35,953 crore to State GST from Integrated GST. As a result, the total revenue for the month after settlement was Rs. 73,641 crore for the Centre and Rs. 75,569 crore for State GST.
