Blitz Bureau
New Delhi, March 1 (IANS) India’s Goods and Services Tax (GST) collections in February grew by 9.1 per cent (year-on-year), reaching approximately Rs 1.84 lakh crore, according to official data released on Saturday.
This marks the 12th consecutive month where GST revenues have exceeded Rs 1.7 lakh crore.
The increase in collections was driven by a 10.2 per cent rise in domestic GST revenues, which stood at Rs 1.42 lakh crore, and a 5.4 per cent growth in revenues from imports, totalling Rs 41,702 crore.
The data further revealed that revenue from Central GST amounted to Rs 35,204 crore, while State GST collections stood at Rs 43,704 crore.
The Integrated GST mop-up reached Rs 90,870 crore, and the compensation cess collected was Rs 13,868 crore.
After accounting for refunds, net GST collections for February 2025 grew by 8.1 per cent to around Rs 1.63 lakh crore.
The total refunds issued during the month were Rs 20,889 crore, a 17.3 per cent increase from the same period last year.
In February 2024, gross and net GST revenues were Rs 1.68 lakh crore and Rs 1.50 lakh crore, respectively.
Sequentially, however, collections were lower due to February having only 28 days of data.
GST revenue growth had remained in single digits for four months before picking up in January 2025, when it reached a nine-month high of 12.3 per cent.
Meanwhile, India’s economy showed signs of recovery in the third quarter of FY25. Official data released on February 28 indicated that GDP growth in Q3 stood at 6.2 per cent, compared to 5.6 per cent in the previous quarter.
The government also revised its GDP growth estimate for FY25 upward to 6.5 per cent.
To achieve this target, India’s economy would need to grow by 7.6 per cent in the fourth quarter.
Chief Economic Adviser (CEA) V Anantha Nageswaran stated that the goal was achievable, citing increased spending related to the Mahakumbh event and the government’s continued capital expenditure push as key growth drivers.
–IANS
pk/na