India's GST Collection Rises 12.5% To Rs 1.68 Lakh Crore In February
This puts the average monthly gross collection for FY24 at Rs 1.67 lakh crore.
The gross Goods and Services Tax collections rose 12.5% year-on-year to Rs 1.68 lakh crore in February for transactions conducted in January, reflecting a slight dip as seen in the first month of every quarter.
However, on a month-on-month basis, the figures fell 2.2% from Rs 1.74 lakh crore in January for transactions in December. But, cumulatively, the last quarter rakes in higher revenues closer to its end.
This puts the average monthly gross collection for FY24 at Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in the previous year's corresponding period.
In absolute terms, the collection came at Rs 1,68,337 crore, compared with Rs 1,49,577 crore collected in February 2023, according to data released by the government on Friday.
"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 FY23," the ministry said in a release. "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," it said.
The increase in GST collections stems on the basis of growth in economic activity, especially major states like Maharashtra, Karnataka and Gujarat showing growth rates close to 15–20% on a YoY basis, according to Gunjan Prabhakaran, a partner and leader with the indirect tax practice at BDO India.
The Fineprint
Gross GST revenue: Rs 1,68,337 crore.
Central GST: Rs 31,785 crore.
State GST: Rs 39,615 crore.
Integrated GST: Rs 84,098 crore, including Rs 38,593 crore collected on imports of goods.
Cess: Rs 12,839 crore, including Rs 984 crore collected on the import of goods.
The department's collections crossed the Rs 1.7-lakh-crore mark three times in FY24 — in April, October and January. April saw the highest-ever collection recorded at Rs 1.87 lakh crore, Sanjay Agarwal, chairperson for the Central Board of Indirect Taxes and Customs, had told NDTV Profit after the budget.
Agarwal expects collections to the tune of Rs 1.7 lakh crore every month to become the norm in the next fiscal.
“A strong 12.5% growth in overall GST collections and specially 13.9% growth in GST collections from domestic transactions have added to the cheer of 8.4% growth in GDP in Q3. This collectively shows the robustness of the Indian economy and domestic consumption story going strong”Abhishek Jain, Partner and National Head for Indirect Tax at KPMG
State-Wise Trends
State-wise trends indicate that post-SGST settlement, Odisha recorded the highest percentage increase in growth at 28%, which translates to Rs 22,636 crore against Rs 17,636 crore for the same period last year.
Maharashtra continued to dominate state-wise collections in terms of absolute volume at Rs 1.35 lakh crore, growing 14% from Rs 1.18 lakh crore.
Uttar Pradesh and Karnataka followed Maharashtra, although they lagged behind at Rs 69,782 crore and Rs 68,428 crore respectively.
