India's Goods and Services Tax (GST) revenue for February 2024 has soared to ₹1,68,337 crore, showcasing a surge of 12.5% compared to the same month in 2023. The latest figures were released by the Ministry of Finance on Friday, March 1.
The growth in GST revenue is attributed to a multitude of factors, primarily driven by a substantial 13.9% uptick in GST from domestic transactions, coupled with an 8.5% increase in GST from import of goods.
"GST revenue net of refunds for February 2024 is ₹1.51 lakh crore which is a growth of 13.6% over that for the same period last year," according to a press release.
The fiscal year 2023-24 has witnessed a strong performance in GST collections, with total gross GST collection reaching an impressive ₹18.40 lakh crore as of February 2024. This represents a notable 11.7% increase over the same period in the previous fiscal year.
The average monthly gross collection for FY 2023-24 stands at ₹1.67 lakh crore, surpassing the ₹1.5 lakh crore mark recorded in the corresponding period of FY 2022-23.
Furthermore, the net GST revenue for the fiscal year 2023-24, after refunds, has surged to ₹16.36 lakh crore as of February 2024, showcasing a 13.0% growth compared to the same period in the previous fiscal year.
Pratik Jain, Partner at Price Waterhouse & Co LLP, commented on the GST collections jump, stating, "As expected, the average monthly GST collections continue to show an increasing trend. It's particularly encouraging to see that the growth is led by domestic transactions, and year-to-date (YTD) growth of around 13% in this fiscal year surpasses the projected increase for FY 25. With this trend, it is reasonable to expect that the government may easily meet next year's collection target."
