GST Revenue in India Surges by 12.5% in February:
GST Revenue in India Surges by
12.5% in February:
On March 2nd, official figures
disclosed that India's Goods
and Services Tax (GST) gross revenue collection for February 2023 surged by
12.54% year-on-year, exceeding ₹1.68 lakh crore. This marks the third-highest
monthly revenue from the indirect tax system and the third-best growth figure
for GST revenue in the fiscal year 2023-24.
Key Points:
The provisional GST revenue
accrual of ₹1.68 lakh crore in February ranks as the fourth-highest ever
recorded in any month.
Compared to January's 8.31% rise,
February's GST revenue growth of 12.54% indicates a significant acceleration on
a sequential basis.
This sharp increase highlights
the expanding momentum in domestic economic activity, driven by increased
manufacturing output and robust services activity.
Total GST collections for the
April 2022-February 2023 period amount to ₹18.44 lakh crore, representing an
11.7% increase compared to the same months in the previous fiscal year.
Monthly GST
revenues have consistently surpassed the ₹1.4 lakh crore mark for 15
consecutive months, indicating stability in the tax base.
State-wise Revenue:
Major states such as Maharashtra
and Karnataka witnessed a substantial increase of 22% and 17% in GST
collections for February, respectively.
Telangana recorded a 14%
expansion in GST revenues.
Other states with double-digit
revenue growth include Gujarat (13%), Haryana (27%), and West Bengal (18%).
Sector Contributions:
Experts attribute the surge in
customs duties to higher imports in recent weeks, while domestic manufacturing
and services sectors continue to show positive trends.
Service sectors such as hotels
and restaurants (18% growth), transportation services (16%), and real estate
(10%) experienced significant growth in February.
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