GST collection increased by 12.5 percent in February, figure reached Rs 1,68,337 crore
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New Delhi (Uttam Hindu News): Gross Goods and Services Tax (GST) revenue collection increased by 12.5 percent year-on-year to Rs 1,68,337 crore in February this year. This has come to light in the data released by the Finance Ministry on Friday. The main contribution to this is 13.9 percent increase in GST from domestic transactions and 8.5 percent increase in GST from import of goods. Net GST revenue after refund in February 2024 is Rs 1.51 lakh crore, which is 13.6 percent higher than the same month last year.
The total gross GST collection for the current financial year till February 2024 is Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period of FY 2022-23. The average monthly gross collection for FY 2023-24 is Rs 1.67 lakh crore, higher than last year’s figure of Rs 1.5 lakh crore. Net GST revenue after refunds for the current financial year till February 2024 is Rs 16.36 lakh crore, 13 per cent higher than the same period last year.
February 2024 collection details
*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, including Rs 38,593 crore collected on imported goods.
*Cess: Rs 12,839 crore, including Rs 984 crore collected on imported goods.
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