GST Collection Data: The month of February 2024 has proved to be a great month for the government. The Finance Ministry said on Friday that GST collection in February increased by 12.5 percent to more than Rs 1.68 lakh crore due to increase in domestic transactions.
New Delhi. The government had released the GDP figures for the December quarter of the current financial year (India Q3 GDP) on Thursday (29 February). The country’s GDP growth in the third quarter was at the rate of 8.4%. At the same time, now good news has come in the matter of GST collection. In fact, according to the data released by the Finance Ministry on Friday, due to increase in domestic transactions, GST collection in February increased by 12.5 percent to more than Rs 1.68 lakh crore.
With this, the total gross GST collection in the first 11 months of the current financial year has reached Rs 18.40 lakh crore. This is 11.7 percent more than the tax collection during the same period of the last financial year.
👉 ₹1,68,337 crore gross #GST revenue collected during February 2024; records Year-on-Year (Y-o-Y) growth of 12.5%
👉 Average monthly gross collection for FY2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY2022-23
👉 Gross #GST collection reaches ₹18.40 lakh crore for… pic.twitter.com/JeQge9OUNT
— Ministry of Finance (@FinMinIndia) March 1, 2024
Average monthly GST collection in FY24 is Rs 1.67 lakh crore.
The average monthly GST collection in the current financial year (FY24) has been Rs 1.67 lakh crore, which is more than Rs 1.5 lakh crore in the last financial year. The ministry said in a statement, ‘The gross GST revenue collected in February, 2024 is Rs 1,68,337 crore, which is 12.5 percent more than the same month of 2023.’
Reason for increase in GST collection:
Behind this strong growth in tax collection, 13.9 percent increase in duty from domestic transactions and 8.5 percent increase in GST from import of goods played an important role.
