
India's GST collection: Gross and net GST revenues in February 2024 were ₹1.68 lakh crore and ₹1.50 lakh crore, respectively.
Gross GST collections rose by 9.1 per cent to about ₹1.84 lakh crore in February, official data showed on Saturday.
Gross Goods and Services Tax (GST) revenue includes a 10.2 per cent jump in domestic revenues at ₹1.42 lakh crore and 5.4 per cent rise in revenues from imports to ₹41,702 crore during February.
As per the data, during the month, mop up from Central GST stood at ₹35,204 crore, State GST at ₹43,704 crore, Integrated GST at ₹90,870 crore and compensation cess of ₹13,868 crore.
Total refunds issued during February were ₹20,889 crore, a 17.3 per cent increase over the year-ago period. Net GST collections during February 2025 grew 8.1 per cent to about ₹1.63 lakh crore.
Gross and net GST revenues in February 2024 were ₹1.68 lakh crore and ₹1.50 lakh crore, respectively.
Commenting on the latest GST data, Vivek Jalan - Partner Tax Connect Advisory Services LLP said, "This year's GST Collection is almost on target and that is one of the reasons that the actual fiscal deficit for FY24-25 of 4.8% is estimated to be below the budgeted 4.9%."
"On a different note, it is heartening to see that the growth of GST on import is 7.2% only vis-a-vis growth in domestic GST Collection of 10.1%. If at all, It is an indication that India is getting more 'atmanirbhar'. Coupled with this, an increase of 15.8% in refunds (including export refunds) is a positive sign. It shows that now India is also increasingly 'making for the world'. Overall, amidst geo-political headwinds, India seems to be managing well," added Jalan.