Home GST GST Collection in February Reaches INR 1,68,337 Lakh Crore in 2024

GST Collection in February Reaches INR 1,68,337 Lakh Crore in 2024

0
GST Collection in February Reaches INR 1,68,337 Lakh Crore in 2024
GST Revenue Collection in February 2024

As per the specialists the Gross Gross Items and Companies Tax (GST) income collected for February 2024 is Rs 1.68 lakh crore, standing a 12.5% rise in comparison with the an identical month in 2023 which depicts the power of the Indian financial system and a strong consumption degree.

“A sturdy 12.5 per cent development in general GST collections and particularly 13.9 per cent development in GST collections from home transactions have added to the cheer of 8.4 per cent development in GDP in Q3. This collectively illustrates the power of the Indian financial system and home consumption story going robust.”

A 12.5 per cent development in GST income assortment was pushed by a 13.9 per cent rise in GST from home transactions and an 8.5 per cent rise in GST from the import of products. For February 2024 GST income web of refunds is Rs 1.51 lakh crore which is a achieve of 13.6 per cent over that for the an identical interval final 12 months, finance ministry illustrates.

The whole gross GST assortment as of February 2024, for the present fiscal 12 months stands at Rs 18.40 lakh crore, which is 11.7 per cent greater than the gathering for a similar interval in FY 2022-23, the ministry said. For FY 2023-24 the typical month-to-month gross assortment is Rs 1.67 lakh crore, surpassing Rs 1.5 lakh crore collected within the earlier 12 months’s corresponding interval.

Learn Additionally: Govt to Surpass the GST Assortment Goal for FY24

The ministry stated that GST income web of refunds as of February 2024 for the present monetary 12 months is Rs 16.36 lakh crore, up 13.0 per cent from that for the an identical interval the earlier 12 months.

The knowledgeable said, “The GST assortment numbers persist to exhibit a considerable development on a year-on-year foundation, with GST collections at Rs 1.68 lakh crore in February 2024, indicating a y-o-y development of 12.5 per cent (regardless of a minor lower of ~ 2.2 per cent on a month on month foundation). The identical rise in GST collections seems to be primarily based on development in financial exercise, significantly with the GST collections from main states like Maharashtra, Karnataka, and Gujarat displaying development charges near ~15 to twenty per cent on a y-o-y foundation.”

One other knowledgeable stated, “A current rise in GST collections from smaller Indian states and union territories, together with Jammu & Kashmir, Assam, Dadra Nagar Haveli, and Ladakh, recommends that financial development is changing into extra widespread and inclusive throughout the nation.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here