GST Collection in February Reaches INR 1,68,337 Lakh Crore in 2024

As per the experts the Gross Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs 1.68 lakh crore, standing a 12.5% rise compared to the identical month in 2023 which depicts the strength of the Indian economy and a powerful consumption level.

“A robust 12.5 per cent growth in overall GST collections and especially 13.9 per cent growth in GST collections from domestic transactions have added to the cheer of 8.4 per cent growth in GDP in Q3. This collectively illustrates the strength of the Indian economy and domestic consumption story going strong.”

A 12.5 per cent growth in GST revenue collection was driven by a 13.9 per cent rise in GST from domestic transactions and an 8.5 per cent rise in GST from the import of goods. For February 2024 GST revenue net of refunds is Rs 1.51 lakh crore which is a gain of 13.6 per cent over that for the identical period last year, finance ministry illustrates.

The total gross GST collection as of February 2024, for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7 per cent more than the collection for the same period in FY 2022-23, the ministry stated. For FY 2023-24 the average monthly gross collection is Rs 1.67 lakh crore, surpassing Rs 1.5 lakh crore collected in the previous year’s corresponding period.

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The ministry said that GST revenue net of refunds as of February 2024 for the current financial year is Rs 16.36 lakh crore, up 13.0 per cent from that for the identical period the previous year.

The expert stated, “The GST collection numbers persist to demonstrate a substantial growth on a year-on-year basis, with GST collections at Rs 1.68 lakh crore in February 2024, indicating a y-o-y growth of 12.5 per cent (despite a minor decrease of ~ 2.2 per cent on a month on month basis). The same rise in GST collections appears to be based on growth in economic activity, particularly with the GST collections from major states like Maharashtra, Karnataka, and Gujarat showing growth rates close to ~15 to 20 per cent on a y-o-y basis.”

Another expert said, “A recent rise in GST collections from smaller Indian states and union territories, including Jammu & Kashmir, Assam, Dadra Nagar Haveli, and Ladakh, recommends that economic growth is becoming more widespread and inclusive across the country.”