India’s GST revenue climbs in February, Nagaland sees downturn

DIMAPUR — India’s Goods and Services Tax (GST) revenue for February 2024 totaled INR 1,68,337 crore, reflecting a growth of 12.5% compared to February 2023. Meanwhile, the revenue of Nagaland during the same time amounted to INR 51 crore, reflecting a negative trend.

This growth was driven by a 13.9% rise in GST from domestic transactions and an 8.5% increase in GST from imports of goods. GST revenue net of refunds for February 2024 is INR 1.51 lakh crore, which is a growth of 13.6% over that for the same period last year.

As per the GST data disclosed by the Union Finance Ministry, Nagaland’s revenue for February 2023 was INR 54 crore—a 5% decrease.

The figures released by the central government also show that the pre-settlement of the State Goods and Services Tax (SGST) of Nagaland has resulted in a growth of 33% in the corresponding periods (Pre-Settlement SGST April-February 2022-23 to 2023-24).

Between April 2023 and February 2024, SGST earnings were INR 270 crore and they increased to INR 955 crore after the Integrated Goods and Service Tax (IGST) settlement from the centre.

During the corresponding period in 2022-2023, the figures stood at INR 203 crore and INR 884 crore, respectively.

As of February 2024, the total gross GST collection for the current fiscal year of the country stands at INR 18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is INR 1.67 lakh crore, exceeding the INR 1.5 lakh crore collected in the previous year’s corresponding period.

GST revenue net of refunds as of February 2024 for the current fiscal year was INR 16.36 lakh crore, which is a growth of 13.0% over that for the same period last year, while the overall GST revenue figures demonstrate continued growth momentum and positive performance.

As per the Inter-Governmental Settlement, the central government settled INR. 41,856 crore for CGST and INR 35,953 crore for SGST from the IGST collected, which translates to a total revenue of INR 73,641 crore for CGST and INR 75,569 crore for SGST after regular settlement.