Robust Growth in GST Revenue for February 2024

Mar 02, 2024 by ConsultEase Administrator in GST

Table of Contents
Overview of February 2024 GST Revenue:
- Total collection: ₹1,68,337 crore
- Growth rate: 12.5% increase compared to February 2023
- Breakdown: Domestic transactions – 13.9% rise; Import of goods – 8.5% increase
- Net of refunds: ₹1.51 lakh crore, marking a 13.6% growth over the same period last year
Strong Performance in FY 2023-24:
- Total collection: ₹18.40 lakh crore as of February 2024
- Growth rate: 11.7% higher than FY 2022-23
- Average monthly collection: ₹1.67 lakh crore, exceeding the previous year’s corresponding period
- Net of refunds: ₹16.36 lakh crore, reflecting a growth of 13.0% over the same period last year
Breakdown of February 2024 Collections:
- Central Goods and Services Tax (CGST): ₹31,785 crore
- State Goods and Services Tax (SGST): ₹39,615 crore
- Integrated Goods and Services Tax (IGST): ₹84,098 crore (including ₹38,593 crore from imported goods)
- Cess: ₹12,839 crore (including ₹984 crore from imported goods)
Inter-Governmental Settlement:
- Settlement to CGST: ₹41,856 crore
- Settlement to SGST: ₹35,953 crore
- Total revenue after settlement: ₹73,641 crore for CGST; ₹75,569 crore for SGST