NEW DELHI: The gross goods and services tax (GST) revenue for the month of February stood at Rs 1.68 lakh crore, a rise of 12.5% compared to the same period in 2023, driven by a 13.9% rise in domestic transactions and an 8.5% increase in imports, according to the government data.
February collection was tad lower than the previous month’s collection of Rs 1.72 lakh crore, but higher than the collection of Rs 1.65 lakh crore in December.
According to finance ministry, the net GST revenue collection, excluding refunds for February 2024, was Rs 1.51 lakh crore, marking a growth of 13.6% over the same period last year.
For the financial year 2023-24 up to February 2024, the total gross GST collection reached Rs 18.40 lakh crore, an 11.7% increase compared to the previous financial year.
The average monthly gross collection in FY24 stood at Rs 1.67 lakh crore, surpassing the previous year’s collection of Rs 1.5 lakh crore.
The central government settled Rs 41,856 crore to central goods and services tax (CGST) and Rs 35,953 crore to SGST from the IGST collected. This translates to a total revenue of Rs 73,641 crore for CGST and Rs 75,569 crore for SGST after regular settlement, as per the release.
“Robust GST collections indicate a healthy state of the economy. This should result in improving both Centre as well as state finances. Increased collection efforts on part of the authorities coupled with continued issuance and adjudication of notices has also been a significant contributor. Buoyancy in tax collections is expected to continue in March being the last month of the financial year due to increased recovery efforts by the authorities,” said Manish Mishra, Partner, JSA Advocates and Solicitors.
Meanwhile, Pratik Jain, Partner with Price Waterhouse & Co LLP, said the government might achieve next year’s collection target easily, given the current trend of monthly collections.
Avg mop-up up at Rs 1.67L cr
The average monthly gross collection in FY24 stood at `1.67 lakh crore, surpassing last year’s `1.5 lakh crore. The Centre settled `41,856 crore to CGST and `35,953 crore to SGST