The federal government has launched GST assortment information for February 2024. (Picture: Shutterstock)
GST Collections in February 2024: The overall gross GST assortment for the present monetary yr now stands at Rs 18.40 lakh crore, which is 11.7 per cent increased than the gathering for a similar interval in FY 2022-23
Gross GST assortment in February 2024 jumped 12.5 per cent year-on-year (YoY) to Rs 1,68,337 crore, based on an official assertion launched on Friday.
“Gross Items and Companies Tax (GST) income collected for February 2024 is Rs 1,68,337 crore, marking a sturdy 12.5 per cent enhance in comparison with that in the identical month in 2023. This progress was pushed by a 13.9% rise in GST from home transactions and eight.5 per cent enhance in GST from import of products,” the finance ministry stated within the assertion.
GST income internet of refunds for February 2024 stood at Rs 1.51 lakh crore, which is a 13.6 per cent progress over that for a similar interval final yr.
With the most recent collections of February 2024, the whole gross GST assortment for the present monetary yr stands at Rs 18.40 lakh crore, which is 11.7 per cent increased than the gathering for a similar interval in FY 2022-23.
“The typical month-to-month gross assortment for FY 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected within the earlier yr’s corresponding interval. GST income internet of refunds as of February 2024 for the present fiscal yr is ₹16.36 lakh crore which is a progress of 13 per cent over that for a similar interval final yr,” based on the assertion.
Abhishek Jain, accomplice and nationwide head (oblique tax) at KPMG in India, stated, “A powerful 12.5 per cent progress in total GST collections and specifically 13.9 per cent progress in GST collections from home transactions have added to the cheer of 8.4 per cent progress in GDP in Q3. This collectively reveals the robustness of the Indian economic system and home consumption story going robust.”
Breakdown of February 2024 Collections:
- Central Items and Companies Tax (CGST): Rs 31,785 crore
- State Items and Companies Tax (SGST): Rs 39,615 crore
- Built-in Items and Companies Tax (IGST): Rs 84,098 crore, together with Rs 38,593 crore collected on imported items
- Cess: Rs 12,839 crore, together with Rs 984 crore collected on imported items
The central authorities settled Rs 41,856 crore to CGST and Rs 35,953 crore to SGST from the IGST collected. This interprets to a complete income of Rs 73,641 crore for CGST and Rs 75,569 crore for SGST after common settlement, based on the assertion.
In the meantime, based on the info launched by the finance ministry on Thursday, February 29, the federal government’s internet tax revenues rose by 11 per cent, whereas non-tax revenues expanded by 46 per cent boosted by the RBI dividend, amid a tepid 1.4 per cent progress in income expenditure, and a robust 26.5 per cent YoY growth in capex.
