₹1,68,337 crore gross GST revenue collected in February; records 12.5 per cent YoY growth

The Gross Goods and Services Tax (GST) revenue collected for February 2024 has surged to ₹1,68,337 crore, registering a substantial 12.5% increase compared to the same month in 2023.

The increase in gross GST revenue collections is attributed to a 13.9% rise in GST from domestic transactions and an 8.5% increase in GST from the import of goods. Also, GST revenue net of refunds for February 2024 stands at ₹1.51 lakh crore, reflecting a robust growth of 13.6% over the corresponding period last year.

Consistent fiscal performance in FY 2023-24

As of February 2024, the total gross GST collection for the current fiscal year has reached ₹18.40 lakh crore, showcasing an impressive 11.7% increase compared to the same period in FY 2022-23.

The average monthly gross collection for FY 2023-24 stands at ₹1.67 lakh crore, surpassing the ₹1.5 lakh crore collected during the previous fiscal year's corresponding period. The figures suggest a strong and consistent performance in GST revenue, signalling a positive momentum in economic activity.

Breakdown of February 2024 collections

• Central Goods and Services Tax (CGST): ₹31,785 crore
• State Goods and Services Tax (SGST): ₹39,615 crore
• Integrated Goods and Services Tax (IGST): ₹84,098 crore, including ₹38,593 crore collected on imported goods
• Cess: ₹12,839 crore, including ₹984 crore collected on imported goods

Inter-governmental settlement

The central government has settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected. This equates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement, highlighting the collaborative fiscal efforts between the central and state governments.