Gross GST Revenue of Rs.1,68,337 crore collected during February 2024; Records Year-on-Year growth of 12.5%

The Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs.1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023.

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. GST revenue net of refunds for February 2024 is Rs.1.51 lakh crore which is a growth of 13.6% over that for the same period last year.

Strong Consistent Performance in FY 2023-24

As of February 2024, the overall gross GST collection for the current fiscal year stands at Rs.18.40 lakh crore, an 11.7% increase over the same period in FY 2022-23.

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. GST revenue net of refunds as of February 2024 for the current fiscal year is Rs.16.36 lakh crore which is a growth of 13.0% over that for the same period last year.

Overall, the GST revenue data show steady growth and good performance.

Breakdown of February 2024 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.

Inter-Governmental Settlement

The central government settled Rs.41,856 crore for CGST and Rs.35,953 crore for SGST from IGST collected. This results in a total income of Rs.73,641 crore for CGST and Rs.75,569 crore for SGST after regular settlement.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of February 2024 as compared to February 2023.