GST collections up 12.54% in February
The Hindu
India's GST revenue in February 2024 hits ₹1.68 lakh crore, marking 12.54% growth, with 18.4 lakh crore collected this year.
India’s gross revenues from the Goods and Services Tax (GST) grew at a three-month high pace of 12.54% in February to cross ₹1.68 lakh crore, marking the fourth-highest monthly collections from the tax.
February’s GST revenue growth reflected the third highest uptick in 2023-24 and lifted the total collections so far this year to ₹18.4 lakh crore, 11.7% above the same period last year. The gross GST kitty of ₹1,68,337 crore in February was 3.3% lower than January’s updated collection numbers of ₹1,74,106 crore, the second-highest tally since GST was launched in July 2017.
Editorial | Growth signals: On GST revenues
The GST numbers “demonstrate continued growth momentum and positive performance”, the Finance Ministry asserted, noting that collections from domestic transactions rose 13.9%, while goods imports delivered a 8.5% rise in revenues.
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).
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