GST Collection Rises 12.5 Per Cent YoY To Rs 1.68 Lakh Crore In February

The average monthly gross collection for the ongoing fiscal year reached Rs 1.67 lakh crore, surpassing the Rs 1.5 lakh crore mark recorded in the preceding fiscal year

This growth was primarily fueled by a 13.9 per cent surge in GST from domestic transactions and an 8.5 per cent increase in GST from the import of goods.

Source : Getty

The Finance Ministry announced that GST collection for February witnessed a significant growth of 12.5 per cent, totaling over Rs 1.68 lakh crore. This surge was primarily attributed to increased domestic transactions. Notably, the cumulative gross GST collection for the current fiscal year (April 2023-February 2024) has reached Rs 18.40 lakh crore, marking an impressive 11.7 per cent increase compared to the same period in the previous fiscal year.

The average monthly gross collection for the ongoing fiscal year reached Rs 1.67 lakh crore, surpassing the Rs 1.5 lakh crore mark recorded in the preceding fiscal year. According to a statement from the ministry, "Gross Goods and Services Tax (GST) revenue collected for February 2024 amounted to Rs 1,68,337 crore, reflecting a robust 12.5 per cent growth compared to the same month in 2023."

This growth was primarily fueled by a 13.9 per cent surge in GST from domestic transactions and an 8.5 per cent increase in GST from the import of goods.

Breakdown of February Collections:

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

State-wise growth of GST Revenues during February, 2024

State/UT	Feb-23	Feb-24	Growth (%)
Jammu and Kashmir	434	532	23
Himachal Pradesh	691	746	8
Punjab	1,651	1,955	18
Chandigarh	188	211	12
Uttarakhand	1,405	1,525	9
Haryana	7,310	8,269	13
Delhi	4,769	5,544	16
Rajasthan	3,941	4,211	7
Uttar Pradesh	7,431	8,054	8
Bihar	1,499	1,491	-1
Sikkim	265	299	13
Arunachal Pradesh	78	101	29
Nagaland	54	51	-5
Manipur	64	56	-13
Mizoram	58	49	-14
Tripura	79	85	8
Meghalaya	189	193	2
Assam	1,111	1,390	25
West Bengal	4,955	5,357	8
Jharkhand	2,962	2,933	-1
Odisha	4,519	5,136	14
Chhattisgarh	3,009	3,124	4
Madhya Pradesh	3,235	3,572	10
Gujarat	9,574	11,029	15%
Dadra and Nagar Haveli and Daman & Diu	283	355	25
Maharashtra	22,349	27,065	21
Karnataka	10,809	12,815	19
Goa	493	581	18
Lakshadweep	3	2	-36
Kerala	2,326	2,688	16
Tamil Nadu	8,774	9,713	11
Puducherry	188	231	23
Andaman and Nicobar Islands	31	39	28
Telangana	4,424	5,211	18
Andhra Pradesh	3,557	3,678	3
Ladakh	24	35	43
Other Territory	211	204	-3
Center Jurisdiction	154	232	51
Grand Total	1,13,096	1,28,760	14