Finance
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.
The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of February, 2024 as compared to February, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of February, 2024.
Table 1: State-wise growth of GST Revenues during February, 2024[1]
| 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% |
Source:PIB
