Average monthly gross GST collection for FY 2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY 2022-23; Gross GST collection reaches ₹18.40 lakh crore for FY 2023-24, grows 11.7% Y-o-Y; Net revenue at ₹1.51 lakh crore is up 13.6% for the month and up by 13% for the year at ₹16.36 lakh crore
The Gross GST collection for February 2024 has surged to ₹1,68,337 crore, showing a robust growth of 12.5% compared to the same period in 2023. This growth is attributed to a 13.9% increase in GST from domestic transactions and an 8.5% increase in GST from the import of goods. The net GST revenue after refunds for February 2024 stands at ₹1.51 lakh crore, indicating a significant growth of 13.6% over the corresponding period of the last year.
Consistent Fiscal Year Performance:
The total gross GST collection for the fiscal year 2023-24, as of February 2024, stands at ₹18.40 lakh crore, reflecting an impressive growth of 11.7% over the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 amounts to ₹1.67 lakh crore, surpassing the ₹1.5 lakh crore collected during the previous year’s corresponding period. The net GST collection after refunds for the current fiscal year, as of February 2024, is ₹16.36 lakh crore, showing a growth of 13.0% over the same period in the previous fiscal year.
Chart of the Trend:
Breakdown of February 2024 Collections:
| Type of Tax | Amount (in Crore ₹) |
| Central GST (CGST) | ₹31,785 |
| State GST (SGST) | ₹39,615 |
| Integrated GST (IGST) | ₹84,098 |
| Cess | ₹12,839 |
Inter-Governmental Settlement:
The central government has settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected. This results in a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST post regular settlement.
Conclusion:
The latest figures for GST revenue collection in February 2024 indicate a strong growth momentum with a notable year-on-year increase. The GST regime continues to show positive performance, reflecting a resilient economy. The breakdown of collections highlights the significant contributions from CGST, SGST, IGST, and Cess. The inter-governmental settlement further underlines the collaborative efforts between the central and state governments in revenue sharing. These figures bode well for India’s fiscal health and economic stability moving forward.
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