Chandigarh sees more than 12% increase from previous year in collection of Goods and Sales Tax for February.
According to the Union ministry of finance, there is a 12.5% increase in year to year collection for February. The government goods and sales collection for February records 12.5% year-over-year growth with a gross revenue collection of Rs 1,68,337 crores
This growth is produced from a 13.9% rise in GST in domestic transactions and 8.5% increase in GST from import of goods. GST revenue net of refunds for February 2024 is ₹1.51 lakh crore which is a growth of 13.6% over that for the same period last year
As per data released by Ministry Of Finance Chandigarh’s collection from GST has shown a prominent growth with more than 12% increase in total collection. Previously, on Feb 2023 the collected amount was Rs 188 Crore but by the end of February 24 the collected amount is Rs 211 Crore which is 23 Crore more than of the previous year.
However, the ministry did not share any details about the tax collection for Jan 24 but surely the Financial Year of 23-24 is already a hit before the official closing in March. As of February, the total gross GST for FY 23-24 is ₹18.40 lakh crore, that shows the Y-O-Y increase of 11.7% in collection for the same period in FY 2022-23.
With a net revenue of Rs 1.51 lakh crore for February and Rs 16.36 lakh crore for the year till now, FY23-24 has shown an increase of more than 13% from the previous year.
In February 2024, the collections from various Goods and Services Tax (GST) components showcased a mixed picture. The Central Goods and Services Tax (CGST) contributed ₹31,785 crore, reflecting transactions within the central taxation domain. Concurrently, the State Goods and Services Tax (SGST) amounted to ₹39,615 crore, depicting intra-state transactions. The Integrated Goods and Services Tax (IGST) recorded a substantial collection of ₹84,098 crore, of which ₹38,593 crore was garnered from imported goods, reflecting international trade activities. Additionally, the Cess collection stood at ₹12,839 crore, with ₹984 crore generated from imported goods, emphasizing the imposition of specific levies. Overall, these figures highlight the diverse sources contributing to the GST collections in February 2024, encompassing both domestic and international transactions, alongside distinct tax categories.
