The gross Goods and Services Tax (GST) revenue collected for February 2024 is ₹1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 20231.
This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods1. GST revenue net of refunds for February 2024 is ₹1.51 lakh crore which is a growth of 13.6% over that for the same period last year1.
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Strong Consistent Performance in FY 2023-24
As of February 2024, the total gross GST collection for the current fiscal year stands at ₹18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-231. The average monthly gross collection for FY 2023-24 is ₹1.67 lakh crore, exceeding the ₹1.5 lakh crore collected in the previous year’s corresponding period1.
GST revenue net of refunds as of February 2024 for the current fiscal year is ₹16.36 lakh crore which is a growth of 13.0% over that for the same period last year1. Overall, the GST revenue figures demonstrate continued growth momentum and positive performance.
Breakdown of February 2024 Collections
The following table shows the breakdown of GST revenue collected for February 2024 by different components1:
| Component | Amount (in crore) | Share (%) |
|---|---|---|
| CGST | 31,785 | 18.9 |
| SGST | 39,615 | 23.5 |
| IGST | 84,098 | 49.9 |
| Cess | 12,839 | 7.6 |
| Total | 1,68,337 | 100.0 |
Out of the total IGST collection, ₹38,593 crore was collected on imported goods, which is 8.5% higher than that in February 20231. Out of the total cess collection, ₹984 crore was collected on imported goods, which is 24.3% higher than that in February 20231.
Inter-Governmental Settlement
The central government settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected1. This translates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement1.
The following table shows the state-wise figures of post settlement GST revenue of each State till the month of February, 20241:
| State/UT | Post Settlement Revenue (in crore) |
|---|---|
| Jammu and Kashmir | 1,212 |
| Himachal Pradesh | 1,377 |
| Punjab | 4,555 |
| Chandigarh | 507 |
| Uttarakhand | 3,268 |
| Haryana | 15,897 |
| Delhi | 10,940 |
| Rajasthan | 9,147 |
| Uttar Pradesh | 17,953 |
| Bihar | 3,566 |
| Sikkim | 612 |
| Arunachal Pradesh | 231 |
| Nagaland | 121 |
| Manipur | 137 |
| Mizoram | 114 |
| Tripura | 194 |
| Meghalaya | 446 |
| Assam | 3,237 |
| West Bengal | 12,571 |
| Jharkhand | 6,827 |
| Odisha | 9,909 |
| Chhattisgarh | 6,905 |
| Madhya Pradesh | 8,221 |
| Gujarat | 25,669 |
| Maharashtra | 51,798 |
| Karnataka | 25,057 |
| Goa | 1,142 |
| Lakshadweep | 7 |
| Kerala | 5,397 |
| Tamil Nadu | 20,282 |
| Puducherry | 435 |
| Andaman and Nicobar Islands | 72 |
| Telangana | 10,271 |
| Andhra Pradesh | 8,270 |
| Ladakh | 56 |
| Other Territory | 487 |
| Centre Jurisdiction | 358 |
| Total | 2,49,210 |
Comparison with February 2023 Collections
The revenues for the month of February 2024 are 12.5% higher than the GST revenues in the same month last year, which was ₹1,49,577 crore2. During the month, revenues from import of goods was 6% higher and the revenues from domestic transaction (including import of services) are 15% higher than the revenues from these sources during the same month last year2. This month witnessed the highest cess collection of ₹11,931 crore since implementation of GST2.
| State/UT | Feb-23 (in crore) | Feb-24 (in crore) | Growth (%) |
|---|---|---|---|
| Jammu and Kashmir | 434 | 532 | 23 |
| Himachal Pradesh | 691 | 746 | 8 |
| Punjab | 1,651 | 1,955 | 18 |
| Chandigarh | 188 | 211 | 12 |
| Uttarakhand | 1,405 | 1,525 | 9 |
| Haryana | 7,310 | 8,269 | 13 |
| Delhi | 4,769 | 5,544 | 16 |
| Rajasthan | 3,941 | 4,211 | 7 |
| Uttar Pradesh | 7,431 | 8,054 | 8 |
| Bihar | 1,499 | 1,491 | -1 |
| Sikkim | 265 | 299 | 13 |
| Arunachal Pradesh | 78 | 101 | 29 |
| Nagaland | 54 | 51 | -5 |
| Manipur | 64 | 56 | -13 |
| Mizoram | 58 | 49 | -14 |
| Tripura | 79 | 85 | 8 |
| Meghalaya | 189 | 193 | 2 |
| Assam | 1,111 | 1,390 | 25 |
| West Bengal | 4,955 | 5,357 | 8 |
| Jharkhand | 2,962 | 2,933 | -1 |
| Odisha | 4,519 | 5,136 | 14 |
| Chhattisgarh | 3,009 | 3,124 | 4 |
| Madhya Pradesh | 3,235 | 3,572 | 10 |
| Gujarat | 9,574 | 11,029 | 15 |
| Maharashtra | 22,349 | 25,669 | 15 |
| Karnataka | 10,809 | 12,839 | 19 |
| Goa | 493 | 612 | 24 |
| Lakshadweep | 3 | 7 | 133 |
| Kerala | 2,326 | 2,557 | 10 |
| Tamil Nadu | 8,774 | 10,282 | 17 |
| Puducherry | 188 | 211 | 12 |
| Andaman and Nicobar Islands | 31 | 72 | 132 |
| Telangana | 4,424 | 5,271 | 19 |
| Andhra Pradesh | 3,557 | 4,270 | 20 |
| Ladakh | 24 | 56 | 133 |
| Other Territory | 211 | 487 | 131 |
| Centre Jurisdiction | 154 | 358 | 132 |
| Total | 1,13,096 | 1,27,210 | 12.5 |
Comparison with January 2024 Collections
The GST revenue collection in February 2024 is 3.8% lower than the GST revenue collection in January 2024, which was ₹1,74,987 crore. This is mainly due to the seasonal variation in economic activities and the impact of the second wave of COVID-19 on some states.
However, the GST revenue collection in February 2024 is still higher than the average monthly collection of ₹1.67 lakh crore in the current fiscal year.
The following table shows the month-on-month growth of GST revenues during FY 2023-24 :
| Month | GST Revenue (in crore) | Growth (%) |
|---|---|---|
| April 2023 | 1,41,384 | – |
| May 2023 | 1,02,709 | -27.4 |
| June 2023 | 90,917 | -11.5 |
| July 2023 | 1,16,393 | 28.0 |
| August 2023 | 1,12,020 | -3.8 |
| September 2023 | 1,25,535 | 12.1 |
| October 2023 | 1,45,939 | 16.2 |
| November 2023 | 1,49,242 | 2.3 |
| December 2023 | 1,68,806 | 13.1 |
| January 2024 | 1,74,987 | 3.7 |
| February 2024 | 1,68,337 | -3.8 |
Analysis and Outlook
The GST revenue collection in February 2024 shows a strong and consistent performance of the Indian economy despite the challenges posed by the COVID-19 pandemic. The GST revenue collection has surpassed the ₹1.5 lakh crore mark for the fifth consecutive month, indicating a sustained recovery and resilience of the economic activities.
The GST revenue collection has also registered a double-digit growth of 12.5% over the same month last year, reflecting the positive impact of the various reforms and measures taken by the government to improve the compliance and ease of doing business.
The GST revenue collection is expected to maintain its growth momentum in the coming months, as the government continues to implement various initiatives to boost the economy and support the sectors affected by the pandemic.
Some of these initiatives include the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 31, 2024, the launch of the Production Linked Incentive (PLI) scheme for 13 sectors, the announcement of the Aatmanirbhar Bharat 3.0 package, and the Union Budget 2024-25 proposals .
The GST revenue collection is also likely to benefit from the increased digitization and formalization of the economy, the expansion of the tax base, and the improvement in the tax administration and governance .
References
: Press Information Bureau, Government of India, Ministry of Finance, 2024-03-01 : The Economic Times, 2024-03-01 : Press Information Bureau, Government of India, Ministry of Finance, 2024-02-01 : Press Information Bureau, Government of India, Ministry of Finance, 2024-01-01 : Press Information Bureau, Government of India, Ministry of Finance, 2023-03-01 : The Hindu Business Line, 2024-03-01
