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This development was pushed by a 13.9 per cent rise in GST from home transactions and eight.5 per cent improve in GST from import of products, the federal government highlighted in a press launch.
GST income internet of refunds for February 2024 stood at Rs 1.51 lakh crore registering a development of 13.6 per cent over that for a similar interval final yr.
Sturdy Efficiency in FY24
The entire gross GST assortment for the present fiscal yr stood at Rs 18.40 lakh crore, which is 11.7 per cent increased than the gathering for a similar interval in FY 2022-23, as of February 2024.
The typical month-to-month gross assortment for FY 2023-24 was recorded at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore collected within the earlier yr’s corresponding interval.
“GST income internet of refunds as of February 2024 for the present fiscal yr is Rs 16.36 lakh crore which is a development of 13.0 per cent over that for a similar interval final yr. General, the GST income figures show continued development momentum and constructive efficiency,” the official launch highlighted.
Breakdown of February 2024 Collections:
- Central Items and Providers Tax (CGST): Rs 31,785 crore
- State Items and Providers Tax (SGST): Rs 39,615 crore
- Built-in Items and Providers Tax (IGST): Rs 84,098 crore, together with Rs 38,593 crore collected on imported items
- Cess: Rs 12,839 crore, together with Rs 984 crore collected on imported items
- Inter-Governmental Settlement: The central authorities settled Rs 41,856 crore to CGST and Rs 35,953 crore to SGST from the IGST collected. This interprets to a complete income of Rs 73,641 crore for CGST and Rs 75,569 crore for SGST after common settlement.
