Gross GST collection in February up 12.5% at Rs1,68,337 crore

Gross revenue collection by way of Goods and Services Tax (GST) increased by 12.5 per cent year-on-year in February 2024 and stood at Rs1,68,337 crore. The increase in GST collection in February was marked by a 13.9 per cent increase in domestic transactions and 8.5 per cent increase in GST from import of goods. 

GST revenue net of refunds for February 2024 increased by 13.6 per cent to Rs1.51 lakh crore.

Driven by consistently strong performance, total collection of GST for the current fiscal (as of February 2024) increased by 11.7 per cent year-on-year to Rs18.40 lakh crore.

The average monthly gross collection for the first 11 months of FY2023-24 stood at Rs1.67 lakh crore, against the average monthly collection of Rs1.5 lakh crore in the corresponding period of the previous year.

GST revenue net of refunds for the current fiscal (up to February 2024) increased by 13 per cent year-on-year to Rs16.36 lakh cror.

Overall GST revenue for February 2024 included Central Goods and Services Tax (CGST) of Rs31,785 crore, State Goods and Services Tax (SGST) of Rs39,615 crore, Integrated Goods and Services Tax (IGST) of Rs84,098 crore (including Rs38,593 crore collected on imported goods) and Cess amounting to Rs12,839 crore (including Rs984 crore collected on imported goods)

The central government settled Rs41,856 crore of CGST and Rs35,953 crore of SGST from the IGST collected. This takes total CGST revenue (after regular settlement) to Rs73,641 crore and SGST to Rs75,569 crore.