New Delhi. Goods and Services Tax (GST) collections have reached a new high by crossing Rs 1.68 lakh crore annually with a growth of 12.5% in February 2024. Giving this information on Friday, the Finance Ministry said that impressive domestic transactions have taken GST collection to new heights. According to PTI report, the total GST collection for the current financial year (April 2023 – February 2024) is Rs 18.40 lakh crore, an increase of 11.7% over the previous financial year.
GST collection details for February 2024:
• Central Goods and Services Tax (CGST): Rs 31,785 crore
• State Goods and Services Tax (SGST): Rs 39,615 crore
• Integrated Goods and Services Tax (IGST): Rs 84,098 crore, including Rs 38,593 crore derived from imported goods.
• Cess: Rs 12,839 crore, including Rs 984 crore collected from imported goods
Total revenue from GST: The average monthly collection for the current financial year stood at Rs 1.67 lakh crore, higher than Rs 1.5 lakh crore in the last financial year. The ministry said in a release that the total GST revenue in February 2024 was Rs 1,68,337 crore, showing a strong growth of 12.5% compared to the same month in 2023. The 13.9% increase was attributed to the strong growth in GST collections. Domestic transactions and imports increased by 8.5%.
Of the IGST collected, the Central Government settled Rs 41,856 crore as CGST and Rs 35,953 crore as SGST. After regular settlement, the total revenue is Rs 73,641 crore for CGST and Rs 75,569 crore for SGST. GST, a value added tax levied on the supply of goods and services, is an indirect tax. It replaces various indirect taxes like VAT, excise duty, service tax etc. and is levied on every value addition in the supply chain.