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March 2, 2024

GST Revenue Surges by 12.5% in February, Reflecting Continued Growth Momentum

The latest data released by the Finance Ministry reveals a robust growth in Gross Goods and Services Tax (GST) collections for February, signaling continued positive momentum in the country’s revenue performance. According to the report, GST collections amounted to Rs 1.68 lakh crore in February, marking a significant increase of 12.5% compared to the corresponding period last year.

While the February collections showcased a commendable growth trajectory, they fell slightly short of the revised figures for January, which stood at Rs 1.74 lakh crore. Nonetheless, the overall sentiment remains optimistic, with the Finance Ministry emphasizing the sustained growth momentum observed in GST revenue.

The data further highlights that GST revenue, net of refunds, reached Rs 1.51 lakh crore in February, reflecting a notable uptick of 13.6% from the same period in the previous year. This growth was primarily driven by a substantial 13.9% increase in GST from domestic transactions, coupled with an 8.5% rise in GST from the import of goods.

For the fiscal year 2023-24, the cumulative gross GST collections amounted to Rs 18.40 lakh crore, registering a commendable annual growth rate of 11.7%. The average monthly gross collection for the fiscal year witnessed a notable surge, standing at Rs 1.67 lakh crore compared to Rs 1.5 lakh crore in the preceding fiscal year.

Net of refunds, GST revenue for the April-February period reached Rs 16.36 lakh crore, representing a substantial growth of 13% over the corresponding period last year. The Finance Ministry underscored that these figures underscore the sustained growth momentum and positive performance of GST revenue.

Breaking down the February collections, Central GST 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. Following the settlement process, the government disbursed Rs 41,856 crore to Central GST and Rs 35,953 crore to State GST from Integrated GST. Post-settlement, the revenue for the month stood at Rs 73,641 crore for the Centre and Rs 75,569 crore for State GST.

The robust GST collections for February signify a resilient economic outlook, providing a strong foundation for sustained fiscal growth and stability in the coming months.

Rajan Shukla

Rajan Shukla

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