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The amount of gross goods and services tax (GST) revenue collected for February 2024 is ₹1,68,337 crore, indicating a significant increase of 12.5% over the same month in 2023. This surge was driven by a 13.9% increase in GST from local transactions and an 8.5% increase in GST from items imported. With refunds deducted, GST revenue for February 2024 is ₹1.51 lakh crore, up 13.6% from the same period last year.
Strong Consistent Performance in FY 2023-24: As of February 2024, the total gross GST collection for the current fiscal year stands at ₹18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is ₹1.67 lakh crore, exceeding the ₹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, a growth of 13.0% over that for the same period last year. Overall, the GST revenue figures demonstrate continued growth momentum and positive performance.
Breakdown of February 2024 Collections:
Central Goods and Services Tax (CGST): ₹31,785 crore
State Goods and Services Tax (SGST): ₹39,615 crore
Integrated Goods and Services Tax (IGST): ₹84,098 crore, including ₹38,593 crore collected on imported goods
Cess: ₹12,839 crore, including ₹984 crore collected on imported goods
Inter-Governmental Settlement: 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.
Also Read : GST Council poised to clarify tax exemptions for Real Estate Regulatory Authority (RERA) India Holds Off on Steel Safeguard Duty Hike, Import Licences Under Scrutiny
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