The Finance Ministry stated that the GST revenue figures show ongoing growth and positive performance.
In February, GST collections reached Rs 1.68 lakh crore, a 12.5% increase compared to the same period last year. This amount was slightly lower than the revised figure of Rs 1.74 lakh crore in January.
The net GST revenue, excluding refunds, was Rs 1.51 lakh crore, up by 13.6% from the previous year. This growth was mainly due to a 13.9% increase in domestic GST transactions and an 8.5% rise in GST from imports. Overall, for FY24, gross GST collections were at Rs 18.40 lakh crore, reflecting an 11.7% annual increase.
The ministry highlighted that the monthly average gross collection for FY24 was Rs 1.67 lakh crore, higher than the previous fiscal year.
Net of refunds, GST revenue for April to February was Rs 16.36 lakh crore, showing a 13% growth over the same period last year. The Central GST collection in February was Rs 31,785 crore, State GST was Rs 39,615 crore, Integrated GST was Rs 84,098 crore, and cess was Rs 12,839 crore.
After settlements, the revenue for the month was Rs 73,641 crore for the Centre and Rs 75,569 crore for State GST.
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