The Ministry of Finance recently announced impressive figures regarding the Goods and Services Tax (GST) revenue collection for February 2024. With a substantial increase in collections compared to the previous year, the data underscores positive economic trends and fiscal stability. This article delves into the specifics of the announcement, analyzing the figures and their implications.
The Ministry of Finance recently announced impressive figures regarding the Goods and Services Tax (GST) revenue collection for February 2024. With a substantial increase in collections compared to the previous year, the data underscores positive economic trends and fiscal stability. This article delves into the specifics of the announcement, analyzing the figures and their implications.
Detailed Analysis:
The gross GST revenue collected during February 2024 amounted to a staggering ₹1,68,337 crore, showcasing a remarkable Year-on-Year growth of 12.5%. This surge in revenue can be attributed to various factors, including a significant uptick in GST from domestic transactions, which saw a growth of 13.9%, and a commendable 8.5% increase in GST from imports.
Furthermore, the cumulative gross GST collection for the fiscal year 2023-24 reached ₹18.40 lakh crore, indicating an impressive growth rate of 11.7% compared to the previous fiscal year. The average monthly gross collection surpassed ₹1.5 lakh crore, illustrating a consistent upward trajectory in revenue generation.
A breakdown of the February 2024 collections reveals the following figures:
- Central Goods and Services Tax (CGST): ₹31,785 crore
- State Goods and Services Tax (SGST): ₹39,615 crore
- Integrated Goods and Services Tax (IGST): ₹84,098 crore
- Cess: ₹12,839 crore
Moreover, the inter-governmental settlement saw the central government disbursing ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected, resulting in a significant revenue distribution among states and union territories.
The state-wise analysis depicts varying growth rates in GST revenues, with notable increases observed in several regions such as Maharashtra, Karnataka, and Gujarat, among others. This diversity in growth underscores the heterogeneous nature of economic development across different states and territories.
Conclusion:
In conclusion, the Ministry of Finance's announcement regarding the GST revenue collection for February 2024 portrays a robust and encouraging economic scenario. The substantial increase in collections, coupled with consistent growth throughout the fiscal year, reflects the resilience and strength of the Indian economy. Moving forward, sustained efforts in fiscal management and policy implementation will be crucial in fostering continued prosperity and stability.
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Ministry of Finance
₹1,68,337 crore gross GST revenue collected during February 2024; records Year-on-Year (Y-o-Y) growth of 12.5%
Average monthly gross collection for FY2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY2022-23
Gross GST collection reaches ₹18.40 lakh crore for FY2023-24, grows 11.7% Y-o-Y
Net revenue at ₹1.51 lakh crore is up 13.6% for the month and up by 13% for the year at ₹16.36 lakh crore
Posted On: 01 MAR 2024 4:26PM by PIB Delhi
Gross Goods and Services Tax (GST) revenue collected for February 2024 is ₹1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 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.
Strong Consistent Performance in FY 2023-24: As of February 2024, the total gross GST collection for the current fiscal year stands at ₹18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is ₹1.67 lakh crore, exceeding the ₹1.5 lakh crore collected in the previous year's corresponding period. GST revenue net of refunds as of February 2024 for the current fiscal year is ₹16.36 lakh crore which is a growth of 13.0% over that for the same period last year. Overall, the GST revenue figures demonstrate continued growth momentum and positive performance.
Breakdown of February 2024 Collections:
- Central Goods and Services Tax (CGST): ₹31,785 crore
- State Goods and Services Tax (SGST): ₹39,615 crore
- Integrated Goods and Services Tax (IGST): ₹84,098 crore, including ₹38,593 crore collected on imported goods
- Cess: ₹12,839 crore, including ₹984 crore collected on imported goods
Inter-Governmental Settlement: The central government settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected. This translates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement.
The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of February, 2024 as compared to February, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of February, 2024.
Chart: Trends in GST Collection
Table 1: State-wise growth of GST Revenues during February, 2024[1]
Table-2: SGST & SGST portion of IGST settled to States/UTs
April-February (Rs. in crore)
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