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Detailed Overview of India's GST Revenue Collections for February 2024, Including State-wise Data

India's Goods and Services Tax (GST) collections for February 2024 reached Rs. 1,68,337 crore, as announced by the PIB, marking a slight decline from the previous month but a significant 12.5% year-over-year growth. The financial year 2023-24 demonstrates robust performance with an average monthly gross collection of Rs. 1.67 lakh crore, and total gross collections soaring to Rs. 18.40 lakh crore. Maharashtra led in absolute collections, while Ladakh, Arunachal Pradesh, and Andaman and Nicobar Islands showed impressive growth rates.

📖 4 min read read🏷️ GST Collections

On March 1, 2024, the Press Information Bureau (PIB) portal published the Goods and Services Tax (GST) collection data for February 2024, reporting a total of Rs. 1,68,337 crore. This figure represents a decrease from January 2024's collection of Rs. 1,72,129 crore, which marked the second-highest monthly total since GST implementation. Despite the monthly dip, the February 2024 collections showed a significant year-over-year revenue increase of 12.5% when compared to February 2023, following an increase from Rs. 1,64,882 crore in December 2023.

February 2024 GST Collection Distribution

The total GST collection for February 2024 was divided as follows: Central GST (CGST) stood at Rs. 31,785 crore, while State GST (SGST) reached Rs. 39,615 crore. Integrated GST (IGST) amounted to Rs. 84,098 crore, which included Rs. 38,593 crore from imported goods. Additionally, cess collections totaled Rs. 12,839 crore, with Rs. 984 crore originating from imported goods. Following the Finance Ministry's press release, the central government allocated Rs. 41,856 crore to CGST and Rs. 35,953 crore to SGST from the collected IGST. After these standard settlements, the combined revenue for CGST amounted to Rs. 73,641 crore, and for SGST, it was Rs. 75,569 crore.

Analysis of February 2024 GST Figures

While February 2024 saw a slight monthly dip in GST collections, the overall financial year 2023-24 demonstrates strong growth. The average monthly gross collection for this fiscal year stands at Rs. 1.67 lakh crore, surpassing the Rs. 1.5 lakh crore average of FY 2022-23. Total gross GST collections for FY 2023-24 reached Rs. 18.40 lakh crore, indicating an 11.7% year-over-year increase. Net revenue for the month was Rs. 1.51 lakh crore, marking a 13.6% rise, and for the entire fiscal year, net revenue increased by 13% to Rs. 16.36 lakh crore. This consistent financial performance highlights India's ongoing economic expansion and the positive trend in GST revenue generation.

State-wise GST Collections for February 2024

The Press Information Bureau has published detailed state-wise GST collection figures for February 2024. Maharashtra led in absolute collection value, followed by Karnataka, Gujarat, Tamil Nadu, Haryana, and Uttar Pradesh. Notably, Ladakh, Arunachal Pradesh, and the Andaman and Nicobar Islands registered the highest year-over-year growth rates, all exceeding 25% compared to February of the previous year. The following table presents the revenue details for all states and Union Territories.

State/UTFeb-23Feb-24Growth (%)
Jammu and Kashmir43453223%
Himachal Pradesh6917468%
Punjab1,6511,95518%
Chandigarh18821112%
Uttarakhand1,4051,5259%
Haryana7,3108,26913%
Delhi4,7695,54416%
Rajasthan3,9414,2117%
Uttar Pradesh7,4318,0548%
Bihar1,4991,491-1%
Sikkim26529913%
Arunachal Pradesh7810129%
Nagaland5451-5%
Manipur6456-13%
Mizoram5849-14%
Tripura79858%
Meghalaya1891932%
Assam1,1111,39025%
West Bengal4,9555,3578%
Jharkhand2,9622,933-1%
Odisha4,5195,13614%
Chhattisgarh3,0093,1244%
Madhya Pradesh3,2353,57210%
Gujarat9,57411,02915%
Dadra and Nagar Haveli and Daman & Diu28335525%
Maharashtra22,34927,06521%
Karnataka10,80912,81519%
Goa49358118%
Lakshadweep32-36%
Kerala2,3262,68816%
Tamil Nadu8,7749,71311%
Puducherry18823123%
Andaman and Nicobar Islands313928%
Telangana4,4245,21118%
Andhra Pradesh3,5573,6783%
Ladakh243543%
Other Territory211204-3%
Center Jurisdiction15423251%

Annual State GST (SGST) Comparison: Pre and Post-Settlement

A comprehensive state-wise review of State GST (SGST) figures, both before and after settlement, is provided below.

Pre-Settlement SGSTPost-Settlement SGST
------
State/UT2022-23
Jammu and Kashmir2,133
Himachal Pradesh2,150
Punjab7,023
Chandigarh577
Uttarakhand4,365
Haryana16,547
Delhi12,504
Rajasthan14,227
Uttar Pradesh24,900
Bihar6,678
Sikkim274
Arunachal Pradesh422
Nagaland203
Manipur288
Mizoram189
Tripura390
Meghalaya435
Assam4,694
West Bengal19,626
Jharkhand7,034
Odisha12,779
Chhattisgarh6,765
Madhya Pradesh9,893
Gujarat34,364
Dadra and Nagar Haveli and Daman and Diu581
Maharashtra77,909
Karnataka32,302
Goa1,830
Lakshadweep9
Kerala11,247
Tamil Nadu32,929
Puducherry426
Andaman and Nicobar Islands165
Telangana15,294
Andhra Pradesh11,462
Ladakh160
Other Territory165

The GST Collections February 2024 was released by the Ministry of Finance in a press report on the PIB website on 1st March 2024.

Further Reading

Frequently Asked Questions

What is GST and how does it work in India?
GST, or Goods and Services Tax, is an indirect tax levied on the supply of goods and services in India. It replaced multiple indirect taxes with a single, unified tax system to streamline the economy, simplify compliance, and reduce tax cascading.
What are the different types of GST components in India?
In India, GST comprises four main components: Central GST (CGST) collected by the Central Government, State GST (SGST) collected by State Governments, Integrated GST (IGST) for inter-state transactions collected by the Centre, and Union Territory GST (UTGST) for Union Territories.
How are GST collections utilized by the central and state governments?
CGST and IGST revenues primarily go to the Central Government, while SGST and UTGST are retained by the respective state or union territory governments. A portion of IGST is settled between the central and state governments to ensure equitable distribution of funds for public services and development initiatives.
What factors can influence monthly GST collection figures?
Several factors can impact monthly GST collections, including economic growth, consumer spending, seasonal demand for goods and services, changes in tax rates or policies, and the efficiency of tax administration and compliance mechanisms.
Where can businesses find official GST updates and data?
Businesses can find official GST updates, notifications, and collection data on the Goods and Services Tax portal (www.gst.gov.in) and the Press Information Bureau (PIB) website, which often releases reports from the Ministry of Finance.

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