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Gross GST collection reaches ₹18.40 lakh crore for FY2023-24, grows 11.7% Y-o-Y

in Business, National March 1, 2024 Comments Off on Gross GST collection reaches ₹18.40 lakh crore for FY2023-24, grows 11.7% Y-o-Y 386 Views

Newdelhi:1/3/2 4: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 year. Overall, 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.

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

State/UT Feb-23 Feb-24 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%
Dadra and Nagar Haveli and Daman & Diu           283           355 25%
Maharashtra            22,349            27,065 21%
Karnataka            10,809            12,815 19%
Goa                 493                 581 18%
Lakshadweep                      3                      2 -36%
Kerala              2,326              2,688 16%
Tamil Nadu              8,774              9,713 11%
Puducherry                 188                 231 23%
Andaman and Nicobar Islands                   31                   39 28%
Telangana              4,424              5,211 18%
Andhra Pradesh              3,557              3,678 3%
Ladakh                   24                   35 43%
Other Territory                 211                 204 -3%
Center Jurisdiction                 154                 232 51%
Grand Total        1,13,096        1,28,760 14%

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

April-February (Rs. in crore)

  Pre-Settlement SGST Post-Settlement SGST[2]
State/UT 2022-23 2023-24 Growth 2022-23 2023-24 Growth
Jammu and Kashmir              2,133          2,680 26%          6,672          7,415 11%
Himachal Pradesh              2,150          2,371 10%          5,133          5,138 0%
Punjab              7,023          7,689 9%        17,810        20,240 14%
Chandigarh                 577              626 9%          1,963          2,117 8%
Uttarakhand              4,365          4,934 13%          6,997          7,708 10%
Haryana            16,547        18,568 12%        28,469        31,975 12%
Delhi            12,504        14,235 14%        26,097        29,187 12%
Rajasthan            14,227        15,762 11%        32,008        35,505 11%
Uttar Pradesh            24,900        29,560 19%        60,572        69,782 15%
Bihar              6,678          7,478 12%        21,319        24,231 14%
Sikkim                 274              387 42%             773              877 13%
Arunachal Pradesh                 422              548 30%          1,451          1,721 19%
Nagaland                 203              270 33%             884              955 8%
Manipur                 288              310 8%          1,318          1,011 -23%
Mizoram                 189              245 29%             798              879 10%
Tripura                 390              455 17%         1,348          1,435 6%
Meghalaya                 435              550 26%          1,370          1,557 14%
Assam              4,694          5,413 15%       11,524        13,347 16%
West Bengal            19,626        21,407 9%       35,884        38,335 7%
Jharkhand              7,034          7,967 13%       10,359        11,220 8%
Odisha            12,779        14,796 16%       17,636        22,636 28%
Chhattisgarh              6,765          7,417 10%        10,320        12,450 21%
Madhya Pradesh              9,893        11,865 20%        25,483        30,386 19%
Gujarat            34,364        38,465 12%        52,751        58,317 11%
Dadra and Nagar Haveli and Daman and Diu           581           599 3%        1,093        1,006 -8%
Maharashtra            77,909        91,584 18%    1,18,392     1,34,593 14%
Karnataka            32,302        37,305 15%        60,218        68,428 14%
Goa              1,830          2,137 17%          3,270          3,752 15%
Lakshadweep                      9                18 107%               37                79 114%
Kerala            11,247        12,809 14%        26,851        28,358 6%
Tamil Nadu            32,929        37,024 12%        53,091        58,904 11%
Puducherry                 426              467 10%         1,069          1,255 17%
Andaman and Nicobar Islands                 165              191 16%             445              487 9%
Telangana            15,294        18,175 19%        34,686        36,949 7%
Andhra Pradesh            11,462        12,695 11%        26,121        28,873 11%
Ladakh                 160              230 44%             494              620 25%
Other Territory                 165              218 32%             542          1,043 93%
Grand Total        3,72,937    4,27,449 15%    7,05,246    7,92,773 12%

 

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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