GST collections rise 9 pc to Rs 1.84 lakh cr; indicate economic revival, say experts

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....ST collections rise 9 pc to Rs 1.84 lakh cr; indicate economic revival, say experts<BR>GST<BR>Dated:- 1-3-2025<BR>PTI<BR>New Delhi, Mar 1 (PTI) Gross GST collections rose by 9.1 per cent to about Rs 1.84 lakh crore in February, boosted by domestic consumption and indicating potential economic revival. As per the official data released on Saturday, on a gross basis, mop up from Central GST stood ....

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....at Rs 35,204 crore, State GST at Rs 43,704 crore, Integrated GST at Rs 90,870 crore and compensation cess of Rs 13,868 crore. GST revenues from domestic transactions jumped 10.2 per cent to Rs 1.42 lakh crore while that from imports grew 5.4 per cent to Rs 41,702 crore during February. Total refunds issued during February were Rs 20,889 crore, a 17.3 per cent increase over the year-ago period.....

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.... Net GST collections during February 2025 grew 8.1 per cent to about Rs 1.63 lakh crore. Gross and net GST revenues in February 2024 were Rs 1.68 lakh crore and Rs 1.50 lakh crore, respectively. The gross GST collections in February 2025, at Rs 1.84 lakh crore are, however, lower than Rs 1.96 lakh crore collected in January 2025. EY Tax Partner Saurabh Agarwal said the robust GST collection ....

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....figures indicate that the Indian economy is withstanding global economic challenges. "The consistent rise in domestic GST revenue compared to import-related collections points to the effective implementation of the Atma Nirbhar Bharat policies. “Furthermore, the government's increased disbursement of domestic and export refunds, including those related to inverted duty structures, demonstrat....

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....es its commitment to easing working capital pressures on businesses," Agarwal said. KPMG, Indirect Tax Head & Partner, Abhishek Jain said, "GST collections growth of 10.2 per cent on domestic supplies and overall growth of 9.1 per cent indicates a potential revival of economy for Q4. If the Maha Kumbh effect comes into play, next month's revenue growth could be even better". Deloitte India Par....

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....tner MS Mani said while GST collections in large manufacturing and consuming states like Haryana, UP, Maharashtra, Tamil Nadu, MP, Karnataka have shown handsome increases in the range of 10- 20 per cent, a detailed evaluation on the reasons for the low growth in the range of 1- 4 per cent in Telangana, Gujarat, Assam, AP and Odisha could provide reasons on the factors responsible for growth in GST....

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.... collections". Tax Connect Advisory Services LLP Partner Vivek Jalan said this year's GST collection is almost on target and that is one of the reasons for revised estimates pegging fiscal deficit for FY24-25 lower at 4.8 per cent, below the budgeted 4.9 per cent. So far this fiscal (April-February), gross GST collections have grown 9.4 per cent to about Rs 20.13 lakh crore, while net GST coll....

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....ections rose 8.6 per cent to over Rs 17.79 lakh crore. PTI JD MR<BR> News - Press release - PIB....