News Brief
India's February GST Collection Surges To Rs 1.68 Lakh Crore, Reflecting 12.5 Per Cent Year-on-Year Growth
February GST Collections Surge to Rs 1.68 Lakh Crore.
In a recent development, India's goods and services tax (GST) collections for February surged to Rs 1.68 lakh crore, marking a substantial 12.5 per cent increase from the previous year.
As reported by Indian Express, the notable growth was propelled by a 13.9 per cent rise in GST from domestic transactions and an 8.5 per cent increase in GST from imported goods.
Also in a strong performance for the fiscal year 2023-24, total gross GST collection reached Rs 18.40 lakh crore, an 11.7 per cent increase compared to the previous fiscal year up to February.
Breaking down the February 2024 collections, Central Goods and Services Tax (CGST) accounted for Rs 31,785 crore, while State Goods and Services Tax (SGST) stood at Rs 39,615 crore.
Integrated Goods and Services Tax (IGST) amounted to Rs 84,098 crore, including Rs 38,593 crore collected on imported goods, with Cess reaching Rs 12,839 crore, including Rs 984 crore from imported goods.
In terms of inter-governmental settlement, the central government disbursed Rs 41,856 crore to CGST and Rs 35,953 crore to SGST from the IGST collected.
Consequently, CGST recorded a total revenue of Rs 73,641 crore, while SGST reached Rs 75,569 crore post-settlement.
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