India’s GST Collection Jumps 12.5% to 1.68 Lakh Crore Rupees in February: India’s Goods and Services Tax (GST) collection surged by 12.5 percent to reach 1.68 lakh crore rupees in February, according to a report by AIR. The robust growth in GST revenue is a significant improvement compared to the same month last year, indicating a strong economic recovery.
The total gross GST revenue collected during February amounted to one lakh 68 thousand 337 crore rupees. This growth was primarily driven by a 13.9 percent increase in GST from domestic transactions and an 8.5 percent rise in GST from the import of goods.
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India’s GST Collection Jumps 12.5% to 1.68 Lakh Crore Rupees in February 2024.
The net GST revenue, after refunds, for February this year stood at 1.51 lakh crore rupees, reflecting a growth of 13.6 percent over the same period last year.
For the current fiscal year, the total gross GST collection as of February stands at 18.40 lakh crore rupees, marking an 11.7 percent increase over the collection for the same period in 2022-23. The average monthly gross collection for 2023-24 is 1.67 lakh crore rupees, surpassing the 1.5 lakh crore rupees collected in the corresponding period of the previous year.
The significant rise in GST collection indicates a strong economic revival and reflects positively on India’s fiscal health.
