India's GST collections rise by 9.1% in February
What's the story
India's gross Goods and Services Tax (GST) collections for February have jumped by a whopping 9.1% to about ₹1.84 lakh crore, data released today showed.
This is the 12th straight month that the collections have crossed the ₹1.7 lakh crore mark, reflecting a steady growth in tax revenue generation for the country.
Revenue breakdown
Domestic and import revenues contribute to GST growth
The gross GST revenue for February also includes a whopping 10.2% growth in domestic revenues, which stood at ₹1.42 lakh crore.
Revenues from imports also increased by 5.4%, adding ₹41,702 crore to the total collections.
The combined growth in the domestic and import sectors highlights the strength of India's economy amid global challenges.
Tax distribution
Central and State GST collections show positive trend
The data showed that the CGST for February was ₹35,204 crore, and the SGST was ₹43,704 crore. The IGST contributed a healthy ₹90,870 crore and the compensation cess added another ₹13,868 crore to the total collections.
Refunds increase
GST refunds and net collections show yearly growth
In February, total refunds issued under the GST regime stood at ₹20,889 crore, a whopping 17.3% increase from the same period last year.
Meanwhile, net GST collections for the month also witnessed an upward trend with an 8.1% growth, amounting to around ₹1.63 lakh crore.
This data further highlights the overall positive trajectory of India's tax revenue generation system in recent months.