India’s gross goods and services tax (GST) collections for February witnessed a notable increase of 9.1%, reaching approximately ₹1.84 lakh crore, as per the official data released on Saturday.
The growth in GST revenue reflects a strong performance in both domestic and import segments.
Domestic GST revenues surged by 10.2%, amounting to ₹1.42 lakh crore, while revenues from imports grew by 5.4%, totaling ₹41,702 crore. Among the various components of GST, the Central GST collection stood at ₹35,204 crore, State GST at ₹43,704 crore, Integrated GST at ₹90,870 crore, and compensation cess at ₹13,868 crore.
Additionally, the total refunds issued during February were ₹20,889 crore, marking a 17.3% increase compared to the same period last year. As a result, net GST collections for February grew by 8.1% to about ₹1.63 lakh crore.
In comparison, the gross and net GST revenues for February 2024 were ₹1.68 lakh crore and ₹1.50 lakh crore, respectively. The current data indicates a robust growth trajectory for India’s GST collections, demonstrating an improvement in compliance and economic activity.
This increase in GST revenue showcases the resilience and recovery of India’s economy, reflecting an upward trend in both domestic consumption and trade activities. The government’s efforts in streamlining GST processes and enhancing compliance appear to be yielding positive results.
