GST revenues reach ₹1.68 lakh cr in Feb, fourth-highest monthly collections - Hindustan Times

GST revenues reach 1.68 lakh cr in February, fourth-highest monthly collections

Mar 01, 2024 08:39 PM IST

GST revenues grow 12.5 pc to ₹1.68 lakh cr in Feb, 4th highest since rollout.

GST collections rose by 12.5 per cent to 1.68 lakh crore in February 2024 compared to the year-ago period buoyed by an increase in domestic sales as well as imports.

In February, GST revenues hit <span class='webrupee'>₹</span>1.68 lakh cr, marking the fourth-highest monthly collections.(HT_PRINT)
In February, GST revenues hit 1.68 lakh cr, marking the fourth-highest monthly collections.(HT_PRINT)

With this, the gross GST collection in April-February of the current fiscal stood at 18.40 lakh crore, up by 11.7 per cent year-on-year.

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"Gross Goods and Services Tax (GST) revenue collected for February 2024 is 1,68,337 crore, marking a robust 12.5 per cent increase compared to that in the same month in 2023. This growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods," a finance ministry statement said.

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The average monthly collections in the current fiscal stood at 1.67 lakh crore, higher than 1.5 lakh crore in the previous fiscal.

GST revenue net of refunds for February 2024 is 1.51 lakh crore, a growth of 13.6 per cent over February 2023.

The central government settled 41,856 crore to Central GST and 35,953 crore to State GST from the Integrated GST collected. This translates to a total revenue of 73,641 crore for CGST and 75,569 crore for SGST after regular settlement in February.

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The highest-ever GST collection was recorded at 1.87 lakh crore in April 2023, followed by 1.74 lakh crore in January 2024, and 1.72 lakh crore in October 2023. In February 2024, the collections came in at 1.68 lakh crore, the fourth-highest monthly collections so far.

Deloitte India Partner M S Mani said coming on the back of the robust GDP numbers for the third quarter, the impressive GST collection is reflecting the broad-based consumption increase across sectors.

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"Almost all major states have shown an impressive increase in GST collections ranging from 8 to 21 per cent demonstrating that the consumption growth is across states as GST is a destination-based consumption tax,” Mani added.

KPMG in India Partner and National Head, Indirect Tax Abhishek Jain said the GDP growth and GST revenue numbers collectively show the robustness of the Indian economy and domestic consumption story going strong.

N.A. Shah Associates, Partner, Indirect Tax, Parag Mehta, said the collection is proof of Indian economy moving towards all-time high.

"GST has stabilized. Strict compliance by trade, dealing only with registered and law-compliant vendors, has been a major reason for increasing turnover. Besides the authorities have been very vigilant and sharing of information between various government departments has ensured control and strict action against tax evaders," Mehta said.

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