February GST collection at Rs 1.68 lakh crore, up 12.5%

The GST collection in February grew 12.5% as against the same month last year to over Rs 1.68 lakh crore, buoyed by domestic transactions, the finance ministry said on Friday. This was driven by a 13.9% rise in goods and services tax from domestic transactions an 8.5% increase in GST from import of goods.

Goods and Services tax collection

The total gross GST collection for the current fiscal (April 2023-February 2024) stands at Rs 18.40 lakh crore, 11.7% higher than the mopup for the same period last fiscal. The average monthly gross collection for the current fiscal stood at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore in the last fiscal.

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

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Out of the total collections, Central Goods and Services Tax (CGST) stood at Rs 31,785 crore, State Goods and Services Tax (SGST) was Rs 39,615 crore and Integrated Goods and Services Tax (IGST) was Rs 84,098 crore, including Rs 38,593 crore collected on imported goods.

The Cess collections stood at Rs 12,839 crore, including Rs 984 crore collected on imported goods. The central government settled Rs 41,856 crore to CGST and Rs 35,953 crore to SGST from the IGST collected