Feb 2024 witnessed year-on-year growth of 12.5% in GST revenue collection

Feb 2024 witnessed year-on-year growth of 12.5% in GST revenue collection

Goods and Services Tax gross revenue for the month of February 2024 witnessed a year on year growth of 12.5% standing at ₹1,68,337 crore. GST revenue collection in the month of February 2024 presented a robust growth in comparison to the same month in 2023.

Strong consistent performance:

The overall year on year growth is driven by the rise in domestic transactions and increase in the value of GST from imports of goods. The domestic transactions witnessed a 13.9 percent rise and import of goods recorded 8.5 percent increase. GST revenue net of refunds for the month of February 2024 recorded 13.6 percent growth from the same month in the last year standing at ₹1.51 lakh crore and for the current fiscal year as of February 2024 is ₹16.36 lakh crore recorded a growth of 13 percent over that the same period in the last year.

The total GST revenue collection for the current fiscal year as of February 2024 is ₹18.40 lakh crore which is 11.7 percent higher than the same period in the last year. The average monthly gross GST collection for this current fiscal year ₹1.67 lakh crore. The last year average monthly gross GST collection was ₹1.5 lakh crore.

Breakdown of GST 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

Important terms:

Goods and services tax–

GST stands for Goods and Services Tax. It is a consumption tax levied on the supply of goods and services in many countries around the world. GST is designed to replace other indirect taxes such as sales tax and value-added tax, streamlining the taxation process and reducing administrative complexities.

Year-on-year growth-

Year-on-year (YoY) growth, also known as year-over-year growth, is a measure used in financial and economic analysis to compare the performance of a particular metric, such as revenue, sales, or GDP, between two points in time separated by one year.

Fiscal year-

A fiscal year is a 12-month period used for financial reporting and budgeting purposes by businesses, governments, and other organizations. It may or may not coincide with the calendar year.

Conclusion:

The GST revenue collections of this fiscal year has been witnessing a clear and robust growth and the continuation of this trend is expected for the rest period of time. The overall economic condition and other industrial outcomes contribute to the growth of the GST revenue collections.

Important Questions:

1. What is the collection of GST revenue for the month of February 2024?
2. What do you understand by the term of fiscal year?

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