Indian Economy News

US$ 20.3 billion (Rs. 1,68,337 crore) gross GST revenue collected during February 2024 records Year-on-Year (Y-o-Y) growth of 12.5%.

In February 2024, the Gross Goods and Services Tax (GST) revenue exhibited a robust growth of 12.5%, reaching US$ 20.3 billion (Rs. 1,68,337 crore) compared to the same month in 2023. This notable increase was propelled by a 13.9% surge in GST from domestic transactions and an 8.5% rise in GST from imported goods. The net GST revenue, accounting for refunds, also experienced substantial growth, totalling US$ 18.2 billion (Rs. 1.51 lakh crore) and marking a noteworthy 13.6% increase over the corresponding period last year. This positive momentum extends throughout the fiscal year 2023-24, with the total gross GST collection standing at US$ 222.1 billion (Rs. 18.40 lakh crore) as of February 2024, reflecting an impressive 11.7% growth compared to the same period in FY 2022-23. The average monthly gross collections surpassing the previous year, coupled with a 13.0% growth in net GST revenue, underscores the consistent and positive performance in GST revenue.

A detailed breakdown of the February 2024 collections reveals the following figures: Central Goods and Services Tax (CGST) at US$ 3.92 billion (Rs. 31,785 crore), State Goods and Services Tax (SGST) at US$ 4.8 billion (Rs. 39,615 crore), Integrated Goods and Services Tax (IGST) at US$ 10.2 billion (Rs. 84,098 crore), and Cess at US$ 1.5 billion (Rs. 12,839 crore). The inter-governmental settlement further exemplifies a balanced distribution, as the central government disbursed US$ 5.1 billion (Rs. 41,856 crore) to CGST and US$ 4.3 billion (Rs. 35,953 crore) to SGST from the IGST pool.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.