GST mop-up grows by 12.5% in February

“Overall, the GST revenue figures demonstrate continued growth momentum and positive performance,” the ministry said.

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GST revenue, net of refunds, was Rs 1.51 lakh crore, up 13.6 per cent from the corresponding period in the previous year. (Representational Image)

Gross Goods and Services Tax (GST) collections stood at Rs 1.68 lakh crore in February (for sales in January), up 12.5 per cent from the year-ago period, data released by the Finance Ministry Friday showed. It was, however, lower than the revised level of Rs 1.74 lakh crore in January (earlier estimate was Rs 1.72 lakh crore).

GST revenue, net of refunds, was Rs 1.51 lakh crore, up 13.6 per cent from the corresponding period in the previous year. “This growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods,” the ministry said.

Gross GST collections for FY24 stood at Rs 18.40 lakh crore, 11.7 per cent higher annually. The average monthly gross collection for FY24 is Rs 1.67 lakh crore, up from the Rs 1.5 lakh crore in FY23. Net of refunds, GST revenue stood at `Rs 16.36 lakh crore during April-February, a growth of 13 per cent over the same period last year.

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“Overall, the GST revenue figures demonstrate continued growth momentum and positive performance,” the ministry said.

In February, Central GST collection was Rs 31,785 crore, State GST Rs 39,615 crore, Integrated GST Rs 84,098 crore, and cess was Rs 12,839 crore. The government settled Rs 41,856 crore to Central GST and Rs 35,953 crore to State GST from Integrated GST. The revenue for the month post settlement was Rs 73,641 crore for the Centre and Rs 75,569 crore for State GST.

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