Rs 1,68,337 crore gross GST revenue collected during February 2024;

By | March 1, 2024
(Last Updated On: March 1, 2024)

Ministry of Finance

₹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 FY2023-24, 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

Posted On: 01 MAR 2024 4:26PM by PIB Delhi

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 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods. 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 year.

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 2022-23. 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 period. 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 yearOverall, the GST revenue figures demonstrate continued growth momentum and positive performance.

Breakdown of February 2024 Collections:

  • Central Goods and Services Tax (CGST): ₹31,785 crore
  • State Goods and Services Tax (SGST): ₹39,615 crore
  • Integrated Goods and Services Tax (IGST): ₹84,098 crore, including ₹38,593 crore collected on imported goods
  • Cess: ₹12,839 crore, including ₹984 crore collected on imported goods

Inter-Governmental Settlement: The central government settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected. This translates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of February, 2024 as compared to February, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of February, 2024.

Chart: Trends in GST Collection

Table 1: State-wise growth of GST Revenues during February, 2024[1]

State/UTFeb-23Feb-24Growth (%)
Jammu and Kashmir                434                53223%
Himachal Pradesh                691                7468%
Punjab             1,651             1,95518%
Chandigarh                188                21112%
Uttarakhand             1,405             1,5259%
Haryana             7,310             8,26913%
Delhi             4,769             5,54416%
Rajasthan             3,941             4,2117%
Uttar Pradesh             7,431             8,0548%
Bihar             1,499             1,491-1%
Sikkim                265                29913%
Arunachal Pradesh                  78                10129%
Nagaland                  54                  51-5%
Manipur                  64                  56-13%
Mizoram                  58                  49-14%
Tripura                  79                  858%
Meghalaya                189                1932%
Assam             1,111             1,39025%
West Bengal             4,955             5,3578%
Jharkhand             2,962             2,933-1%
Odisha             4,519             5,13614%
Chhattisgarh             3,009             3,1244%
Madhya Pradesh             3,235             3,57210%
Gujarat             9,574           11,02915%
Dadra and Nagar Haveli and Daman & Diu          283          35525%
Maharashtra           22,349           27,06521%
Karnataka           10,809           12,81519%
Goa                493                58118%
Lakshadweep                     3                     2-36%
Kerala             2,326             2,68816%
Tamil Nadu             8,774             9,71311%
Puducherry                188                23123%
Andaman and Nicobar Islands                  31                  3928%
Telangana             4,424             5,21118%
Andhra Pradesh             3,557             3,6783%
Ladakh                  24                  3543%
Other Territory                211                204-3%
Center Jurisdiction                154                23251%
Grand Total       1,13,096       1,28,76014%

 

Table-2: SGST & SGST portion of IGST settled to States/UTs

April-February (Rs. in crore)

 Pre-Settlement SGSTPost-Settlement SGST[2]
State/UT2022-232023-24Growth2022-232023-24Growth
Jammu and Kashmir             2,133         2,68026%         6,672         7,41511%
Himachal Pradesh             2,150         2,37110%         5,133         5,1380%
Punjab             7,023         7,6899%       17,810       20,24014%
Chandigarh                577             6269%         1,963         2,1178%
Uttarakhand             4,365         4,93413%         6,997         7,70810%
Haryana           16,547       18,56812%       28,469       31,97512%
Delhi           12,504       14,23514%       26,097       29,18712%
Rajasthan           14,227       15,76211%       32,008       35,50511%
Uttar Pradesh           24,900       29,56019%       60,572       69,78215%
Bihar             6,678         7,47812%       21,319       24,23114%
Sikkim                274             38742%            773             87713%
Arunachal Pradesh                422             54830%         1,451         1,72119%
Nagaland                203             27033%            884             9558%
Manipur                288             3108%         1,318         1,011-23%
Mizoram                189             24529%            798             87910%
Tripura                390             45517%        1,348         1,4356%
Meghalaya                435             55026%         1,370         1,55714%
Assam             4,694         5,41315%      11,524       13,34716%
West Bengal           19,626       21,4079%      35,884       38,3357%
Jharkhand             7,034         7,96713%      10,359       11,2208%
Odisha           12,779       14,79616%      17,636       22,63628%
Chhattisgarh             6,765         7,41710%       10,320       12,45021%
Madhya Pradesh             9,893       11,86520%       25,483       30,38619%
Gujarat           34,364       38,46512%       52,751       58,31711%
Dadra and Nagar Haveli and Daman and Diu          581          5993%       1,093       1,006-8%
Maharashtra           77,909       91,58418%   1,18,392    1,34,59314%
Karnataka           32,302       37,30515%       60,218       68,42814%
Goa             1,830         2,13717%         3,270         3,75215%
Lakshadweep                     9               18107%              37               79114%
Kerala           11,247       12,80914%       26,851       28,3586%
Tamil Nadu           32,929       37,02412%       53,091       58,90411%
Puducherry                426             46710%        1,069         1,25517%
Andaman and Nicobar Islands                165             19116%            445             4879%
Telangana           15,294       18,17519%       34,686       36,9497%
Andhra Pradesh           11,462       12,69511%       26,121       28,87311%
Ladakh                160             23044%            494             62025%
Other Territory                165             21832%            542         1,04393%
Grand Total       3,72,937   4,27,44915%   7,05,246   7,92,77312%
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About CA Satbir Singh

Chartered Accountant having 12+ years of Experience in Taxation , Finance and GST related matters and can be reached at Email : Taxheal@gmail.com