India’s gross revenues from the Goods and Services Tax (GST) grew at a three-month high pace of 12.54% in February to cross ₹1.68 lakh crore, marking the fourth-highest monthly collections from the tax.
February’s GST revenue growth reflected the third highest uptick in 2023-24 and lifted the total collections so far this year to ₹18.4 lakh crore, 11.7% above the same period last year. The gross GST kitty of ₹1,68,337 crore in February was 3.3% lower than January’s updated collection numbers of ₹1,74,106 crore, the second-highest tally since GST was launched in July 2017.
Editorial | Growth signals: On GST revenues
The GST numbers “demonstrate continued growth momentum and positive performance”, the Finance Ministry asserted, noting that collections from domestic transactions rose 13.9%, while goods imports delivered a 8.5% rise in revenues.
State-wise data
After refunds, the Ministry pegged last month’s GST collection at ₹1.51 lakh crore, 13.6% over February 2023’s collections. Overall net GST revenues this year have grown at a sharper pace of 13% than gross revenues, and stand at ₹16.36 lakh crore.
Among the States, five recorded contractions in revenues in February, while 18 States clocked lower upticks than the national average growth of 13.9% in revenues from domestic transactions. Revenues dropped 14% and 13% for Mizoram and Manipur respectively, while Nagaland (-5%), Bihar, and Jharkhand (both -1%) reported milder declines.
Revenues grew faster than the national average in 12 States, including the erstwhile State of Jammu and Kashmir (23%), Assam (25%), Maharashtra (21%), Karnataka (19%), Telangana, and Punjab (18%), as well as Kerala and Delhi (up 16% each).
Compensation cess collections
February’s gross GST intake included ₹31,785 crore of Central GST (CGST), ₹39,615 crore of State GST (SGST) and ₹84,098 crore of Integrated GST or IGST, of which ₹38,593 crore was collected on imported goods. The GST compensation cess collections stood at ₹12,839 crore, with a little under a thousand crore rupees received on imported goods.
“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 Ministry said in a statement.
