India’s GST Collection Surges 12.5% to Rs 1.68 lakh crore in February 2024

India’s Goods and Services Tax (GST) collection witnessed a significant surge of 12.5% year-on-year, reaching Rs 1.68 lakh crore in February, as stated by the government. This figure marks a notable increase from the Rs 1.50 lakh crore collected during the corresponding period last year.

Key Points

  1. 12.5% Year-on-Year Increase: February’s GST collection rose by 12.5% compared to the same month in the previous year, showcasing robust growth in tax revenues.
  2. Exceeds Previous Year’s Average: The finance ministry highlighted that the average monthly gross collection for the fiscal year 2023/24 stands at Rs 1.67 lakh crore, surpassing the corresponding period of the previous year.
  3. Ambitious Fiscal Target: The government has set an ambitious target of Rs 9.57 lakh crore for GST collection in the current fiscal year, reflecting confidence in economic recovery and tax compliance measures.

 

 

 

Piyush Shukla

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