GST collection grows 12.5% to over Rs 1.68 lakh crore in Feb

New Delhi: The GST collection in February grew 12.5 per cent to over Rs 1.68 lakh crore, buoyed by domestic transactions, the finance ministry said on Friday.

The total gross GST collection for the current fiscal (April 2023-February 2024) stands at Rs 18.40 lakh crore, 11.7 per cent higher than the mopup for the same period last fiscal.

The average monthly gross collection for the current fiscal stood at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore in the last fiscal.

"Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs 1,68,337 crore, marking a robust 12.5 per cent increase compared to that in the same month in 2023," the ministry said in a statement.

This growth was driven by a 13.9 per cent rise in GST from domestic transactions and an 8.5 per cent increase in GST from import of goods.