Mumbai, Mar 2: The government’s gross goods and services tax (GST) collections stood at Rs 1,68,337 crore in February 2024, marking a year-on-year increase of 12.5 per cent. A rise of 13.9 per cent and 8.5 per cent in collections from domestic transactions and the import of goods boosted the overall GST tally, respectively, according to an official statement.
Out of the total Rs 1.68 lakh crore, central GST (CGST) collections stood at Rs 31,785 crore, state GST (SGST) collections at Rs 39,615 crore, and integrated GST (IGST) collections at Rs 84,098 crore including Rs 38,593 crore collected on imported goods. The central government settled Rs 41,856 crore to CGST and Rs 35,953 crore to SGST from the integrated GST amount, translating into total revenue Rs 73,641 crore for CGST and Rs 75,569 crore for SGST post-settlement.
The total cess for the month came in at Rs 12,839 crore, including Rs 984 crore collected on imported goods.
Taking the latest monthly data into account, the government’s total gross collections were up 11.7 per cent at Rs 18.40 lakh crore for the current fiscal year so far, averaging at Rs 1.67 lakh crore per month higher than the Rs 1.5 lakh crore a year ago.
After refunds, the Ministry pegged last month’s GST collection at ₹1.51 lakh crore, 13.6% over February 2023’s collections. Overall net GST revenues this year have grown at a sharper pace of 13% than gross revenues, and stand at ₹16.36 lakh crore.
Among the States, five recorded contractions in revenues in February, while 18 States clocked lower upticks than the national average growth of 13.9% in revenues from domestic transactions. Revenues dropped 14% and 13% for Mizoram and Manipur respectively, while Nagaland (-5%), Bihar, and Jharkhand (both -1%) reported milder declines.
Revenues grew faster than the national average in 12 States, including the erstwhile State of Jammu and Kashmir (23%), Assam (25%), Maharashtra (21%), Karnataka (19%), Telangana, and Punjab (18%), as well as Kerala and Delhi (up 16% each).