NEW DELHI: Gross GST revenue rose 12.5% year-on-year to Rs 1.68 lakh crore in February, continuing the strong momentum in revenue as growth remains robust.
According to a finance ministry statement on Friday, the average monthly gross GST collection for 2023-24 is Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore for 2022-23. This was the fourth highest monthly collection.
The growth in February was due to a 13.9% increase in GST collection from domestic transactions and an 8.5% increase in GST collection from goods imports. GST revenue net of refunds stood at over Rs 1.5 lakh crore in February 2024, a growth of 13.6% over the same period last year.
The statement said gross GST revenue for 2023-2024 reached Rs 18.4 lakh crore, up 11.7% year-on-year. It said that GST revenue, net of refunds, stood at Rs 16.4 lakh crore in February 2024 for the current financial year, registering a growth of 13% over purification in the same period last year. “Overall, the GST revenue figures show continued growth momentum and positive performance,” the statement said.
Several measures taken by the government have helped close loopholes and improve compliance, while robust economic growth also contributed to strong performance. Experts said the collection development reflects strong consumption dynamics.
“Given the robust GDP numbers for the third quarter, the impressive GST collection figure of Rs 168 crore reflects the broad-based consumption increase across sectors as GST is an excise tax,” said MS Mani, Partner at a Consulting firm Deloitte India.
“The impressive GST collections for February will provide further comfort to the government that tax collection targets for the year will be significantly exceeded. Almost all major states have recorded an impressive increase in GST revenue, ranging between 8% and 21%. This shows that consumption growth is happening across the country as GST is a destination-based consumption tax,” Mani said.
The highest ever GST collection was recorded at Rs 1.87 lakh crore in April 2023, followed by Rs 1.74 lakh crore in January 2024 and Rs 1.72 lakh crore in October 2023. In February 2024, the collections stood at 1.68 Lakh Crore Rupees. the fourth highest monthly revenue to date.
The economy remained resilient amid global challenges and recent data showed GDP grew at 8.4% in the October-December quarter, the fastest rate in a year and a half. Growth for 2023-24 was revised upward to 7.6% from the previous estimate of 7.3%, making India one of the fastest-growing major economies in the world. There is an expectation that growth will remain robust in the fourth quarter, which should contribute to strong GST revenues.
According to a finance ministry statement on Friday, the average monthly gross GST collection for 2023-24 is Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore for 2022-23. This was the fourth highest monthly collection.
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The growth in February was due to a 13.9% increase in GST collection from domestic transactions and an 8.5% increase in GST collection from goods imports. GST revenue net of refunds stood at over Rs 1.5 lakh crore in February 2024, a growth of 13.6% over the same period last year.
The statement said gross GST revenue for 2023-2024 reached Rs 18.4 lakh crore, up 11.7% year-on-year. It said that GST revenue, net of refunds, stood at Rs 16.4 lakh crore in February 2024 for the current financial year, registering a growth of 13% over purification in the same period last year. “Overall, the GST revenue figures show continued growth momentum and positive performance,” the statement said.
Several measures taken by the government have helped close loopholes and improve compliance, while robust economic growth also contributed to strong performance. Experts said the collection development reflects strong consumption dynamics.
“Given the robust GDP numbers for the third quarter, the impressive GST collection figure of Rs 168 crore reflects the broad-based consumption increase across sectors as GST is an excise tax,” said MS Mani, Partner at a Consulting firm Deloitte India.
“The impressive GST collections for February will provide further comfort to the government that tax collection targets for the year will be significantly exceeded. Almost all major states have recorded an impressive increase in GST revenue, ranging between 8% and 21%. This shows that consumption growth is happening across the country as GST is a destination-based consumption tax,” Mani said.
Expand
The highest ever GST collection was recorded at Rs 1.87 lakh crore in April 2023, followed by Rs 1.74 lakh crore in January 2024 and Rs 1.72 lakh crore in October 2023. In February 2024, the collections stood at 1.68 Lakh Crore Rupees. the fourth highest monthly revenue to date.
The economy remained resilient amid global challenges and recent data showed GDP grew at 8.4% in the October-December quarter, the fastest rate in a year and a half. Growth for 2023-24 was revised upward to 7.6% from the previous estimate of 7.3%, making India one of the fastest-growing major economies in the world. There is an expectation that growth will remain robust in the fourth quarter, which should contribute to strong GST revenues.
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