Gross GST collection in February 2024 jumped 12.5 per cent year-on-year (YoY) to Rs 1,68,337 crore, according to an official statement released on Friday.

“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. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods,” the finance ministry said in the statement.

GST revenue net of refunds for February 2024 stood at Rs 1.51 lakh crore, which is a 13.6 per cent growth over that for the same period last year.

With the latest collections of February 2024, the total gross GST collection for the current financial year stands at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23.