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

India’s Goods and Services Tax (GST) collections witnessed a significant year-on-year growth of 12.5%, which Rs 1.68 lakh crore In February, as said by the government. The figure marks a significant increase from Rs 1.50 lakh crore collected during the same period last year.

key points

  1. 12.5% ​​year-on-year growth: February’s GST collections increased by 12.5% ​​compared to the same month last year, showing strong growth in tax revenue.
  2. more than last year’s average: The Finance Ministry highlighted that the average monthly gross collections for the financial year 2023/24 is Rs 1.67 lakh crore, surpassing the corresponding period last year.
  3. ambitious fiscal targets: The government has set an ambitious target of Rs 9.57 lakh crore for GST collections in the current financial year, reflecting confidence in the economic recovery and tax compliance measures.

India's GST collections rise 12.5% ​​to Rs 1.68 lakh crore in February 2024_40.1

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