AIMING HIGH

India's economy expects strong GDP growth, backed by optimistic forecasts

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February GST Collection Registers A Healthy 12.5% Climb To ₹1.68 Lakh Crore

In February this year, India’s Goods and Services Tax (GST) revenue collection exhibited a robust 12.5% increase, totalling ₹1,68,337 crore. This growth is notably higher than the corresponding period last year. The primary drivers behind this surge were a healthy 13.9% increase in GST from domestic transactions and an 8.5% rise in GST from the import of goods.

According to a press release, the GST revenue net of refunds for February ‘24 amounted to ₹1.51 lakh crore, marking a substantial growth of 13.6% over the same period last year. This noteworthy increase accentuates the positive trajectory of GST revenue collection.

For the fiscal year until February ‘24, the total gross GST collection reached an impressive ₹18.40 lakh crore, reflecting a strong performance in GST collections for the fiscal year. Notably, this figure represents an impressive 11.7% increase over the corresponding period in the previous fiscal year.

The average monthly gross collections for FY24 stand at ₹1.67 lakh crore, surpassing the ₹1.5 lakh crore mark recorded during the same period in the previous fiscal year (FY23). This consistent growth in monthly collections further emphasizes the strengthening trend in GST revenue.

Moreover, it’s essential to highlight that the net GST revenue for FY24, after refunds, has climbed to ₹16.36 lakh crore as of February this year. This represents a considerable 13% growth compared to the same period in the previous fiscal year, reiterating the sustained momentum in GST revenue generation.

India’s IIP Declines In January To 3.8%

India’s Index of Industrial Production (IIP) decelerated in January, registering 3.8% growth, down from 4.2% in December of the previous year (2023).