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Gross Goods and Services Tax (GST) collections for February 2025 saw a significant increase of 9.1 per cent compared to the same month last year, reaching approximately Rs 1.84 lakh crore, as per government data released on Saturday.
As the data shows, the uptick in the GST collections was driven by robust 10.2 per cent growth in domestic collections, which totaled about Rs 1.42 lakh crore. Additionally, revenues from imports (Gross Import Revenue) saw a 5.4 per cent increase, amounting to Rs 41,702 crore. In the breakdown of the February 2025 GST collections, the Central GST stood at Rs 35,204 crore, the state GST Rs 43,704 crore, while the Integrated GST remained at the level of Rs 90,870 crore. The data reveals that the Compensation Cess stood at Rs 13,868 crore. In terms of refunds, Rs 20,889 crore were issued during February 2025, marking a 17.3 per cent rise in refunds compared to the previous year. The refund data shows an efficient processing of claims and a more favorable environment for businesses. Meanwhile, net GST collections, after accounting for refunds, grew by 8.1 per cent, reaching around Rs 1.63 lakh crore. This is a solid performance when compared to the same month in the previous year, when gross GST collections amounted to Rs 1.68 lakh crore and net collections stood at Rs 1.50 lakh crore. The recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST. The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan. Hair oil, toothpaste, soap; detergents and washing powder, wheat; rice; curd, lassi, buttermilk; wristwatches, TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero, benefiting people. From time to time, the list is being revised with the approval of the Council. (ANI)
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