GST Revenues Surge: An In-Depth Analysis
In February, Gross GST collection surged by 8.1% to exceed Rs 1.83 lakh crore, primarily driven by a 17.2% rise in import revenues. While domestic revenue increased by 5.3%, total refunds also saw a 10.2% uplift. However, net cess revenue fell significantly compared to the previous year.
- Country:
- India
In February, the Gross GST collection experienced an 8.1% rise, reaching over Rs 1.83 lakh crore. This growth was mainly attributed to a significant 17.2% increase in revenues from imports.
Domestic revenues witnessed a 5.3% growth, amounting to approximately Rs 1.36 lakh crore, while import revenues climbed to Rs 47,837 crore. Total refunds also saw a notable 10.2% increase, reaching Rs 22,595 crore.
Despite the overall positive trend in GST collections, net cess revenue dropped dramatically to Rs 5,063 crore, a stark contrast to last February's Rs 13,481 crore.
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