The GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore, a growth of 13.6% over the same period last year.
File Photo: IANS
The gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs 1,68,337 crore, marking a growth of 12.5% from the same month last year, the Ministry of Finance said on Friday.
This growth was driven by a 13.9% rise in GST from domestic transactions and an 8.5% increase in GST from import of goods.
The GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore, a growth of 13.6% over the same period last year.
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The breakdown of the GST collection for February shows that the Central Goods and Services Tax (CGST) stands at Rs 31,785 crore while the State Goods and Services Tax (SGST) amounted to Rs 39,615 crore.
The Integrated Goods and Services Tax (IGST) for February stood at Rs 84,098 crore, including Rs 38,593 crore collected from imported goods.
The Cess was at Rs 12,839 crore, including Rs 984 crore collected on imported goods. For the current financial year, as of February 2024, the total gross GST collection stands at 11.7% higher than the collection for the same period in the last fiscal at Rs 18.40 lakh crore.
Further, the average monthly gross collection for FY 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in the previous year’s corresponding period.
The central government settled Rs 41,856 crore to 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, the Ministry of Finance said.
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