Updated March 1st, 2024 at 19:21 IST

GST collection hits Rs 1.68 lakh crore in February, up 12.5%

The total gross GST collection for April 2023 to February 2024 reached Rs 18.40 lakh crore, marking an 11.7% increase from the previous year.

Reported by: Business Desk
February GST boom | Image:Shutterstock
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February GST boom: The Finance Ministry has announced a substantial uptick in Goods and Services Tax (GST) collection for February, with figures showing a notable 12.5 per cent increase compared to the same period last year, reaching over Rs 1.68 lakh crore. This surge has been attributed primarily to heightened activity in domestic transactions. 

Notably, the total gross GST collection for the current fiscal year, spanning April 2023 to February 2024, has hit Rs 18.40 lakh crore, marking an 11.7 per cent rise from the corresponding period in the previous fiscal year.

Highlighting the consistency of this trend, the average monthly gross collection for the ongoing fiscal year has surpassed Rs 1.5 lakh crore, standing at Rs 1.67 lakh crore. The Finance Ministry stressed that the robust growth observed in February's GST revenue was primarily driven by a notable 13.9 per cent increase in GST from domestic transactions, coupled with an 8.5 per cent rise in GST from the import of goods.

This encouraging trajectory in GST collection figures reflects positively on the economic activity within the country, showcasing resilience and buoyancy despite various challenges.

​(With PTI Inputs)

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Published March 1st, 2024 at 19:14 IST