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.