GST Collection Data: GST collection in February 2024 has been Rs 1,68,337 crore with a jump of 12.5 percent. Whereas in the financial year 2023-24, the average GST collection in 11 months was Rs 1.67 lakh crore, whereas the average GST collection in 2022-23 was Rs 1.5 lakh crore.
Finance Ministry has released the data of GST collection (Goods and Services Tax Collection) for February 2024. According to this data, DST collection has been more than Rs 1.68 lakh crore, which is 12.5 percent more than the collection of February 2023. Due to this jump in GST collection, the collection has increased due to 13.9 percent jump in GST collection on domestic transactions and 8.5 percent jump in GST collection on import of goods. After issuing refunds, GST collection in the month of February has been Rs 1.51 lakh crore, which is 13.6 percent more than the same month last year.
👉 ₹1,68,337 crore gross #GST revenue collected during February 2024; records Year-on-Year (YoY) growth of 12.5%
👉 Average monthly gross collection for FY2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY2022-23
👉 Gross #GST collection reaches ₹18.40 lakh crore for… pic.twitter.com/JeQge9OUNT
— Ministry of Finance (@FinMinIndia) March 1, 2024
The Finance Ministry said that in 2023-24, there has been continuous strong growth on the GST collection front. The GST collection between April and February of the financial year 2023-24 has been Rs 18.40 lakh crore, which is 11.7 percent more collection as compared to the same period in 2022-23. The average GST collection every month in this financial year has been Rs 1.67 lakh crore, which is more than the average of last financial year which was Rs 1.5 lakh crore.
If we look at the breakdown of GST collection in February 2023, CGST collection has been Rs 31,875 crore, while SGST has been Rs 39,615 crore. IGST collection has been Rs 85,098 crore which includes Rs 38,592 crore collection on imported goods. Whereas the cess collection has been Rs 12,839 crore, of which the imported goods cess collection has been Rs 984 crore.
Also read
India GDP Data: Why are questions being raised on the figure of 8.4% GDP in the third quarter?
Get more latest business news updates