New Delhi, Mar 2 (KNN) In February 2024, India's Gross Goods and Services Tax (GST) revenue soared to Rs 1.68 lakh crore, marking a robust 12.5 per cent increase compared to the same period in 2023. 

Experts hail this surge as a testament to the resilience of the Indian economy and its thriving consumption narrative.

Abhishek Jain, Partner and National Head of Indirect Tax at KPMG in India, lauded the substantial growth, emphasising the 13.9 per cent increase in GST collections from domestic transactions as a significant contributor to the overall positive trend. 

He noted that this growth, coupled with an 8.4 per cent GDP increase in Q3, underscores the strength of India's economic landscape.

According to data released by the Ministry of Finance, the growth in GST revenue was propelled by a 13.9 per cent rise in domestic transactions and an 8.5 per cent increase in imports of goods. 

The net GST revenue, after refunds, reached Rs 1.51 lakh crore, reflecting a notable 13.6 per cent growth from the previous year.

For the fiscal year 2023-24, the total gross GST collection stands at Rs 18.40 lakh crore, marking an 11.7 per cent  increase from the previous fiscal year. 

The average monthly gross collection for FY 2023-24 exceeds Rs 1.5 lakh crore, indicating a consistent upward trajectory.

Gunjan Prabhakaran, Partner & Leader of Indirect Tax at BDO India, highlighted the sustained year-on-year growth in GST collections, despite a minor month-on-month decrease.

He attributed this increase to the expansion of economic activities, particularly evident in major states like Maharashtra, Karnataka, and Gujarat.

Saurabh Agarwal, Tax Partner at EY, emphasised the broadening economic growth across smaller Indian states and union territories, showcasing a more inclusive development narrative. 

States such as Jammu & Kashmir, Assam, Dadra Nagar Haveli, and Ladakh witnessed notable rises in GST collections, indicating a widespread economic upturn.

The surge in GST revenue for February 2024 reflects India's robust economic performance and indicates a promising trajectory for sustained growth and development.

(KNN Bureau)