Authorities collected ₹ 1.68 lakh crore from GST in February-2024: That is 12.5% ​​greater than final 12 months’s assortment, however 4 thousand crore lower than final month.

The federal government has collected Rs 1.68 lakh crore from Items and Providers Tax i.e. GST in February-2024. That is 12.5% ​​greater than a 12 months in the past i.e. February 2023. Then Rs 1.49 lakh crore was collected from GST. A month in the past in January, the federal government had collected Rs 1.72 lakh crore from GST.

That is the twelfth consecutive time that the income assortment has been above Rs 1.5 lakh crore. Nevertheless, until now the best GST assortment was in April 2023, when this determine had crossed Rs 1.87 lakh crore. Other than this, the nation’s GST assortment has remained above Rs 1.4 lakh crore for 23 consecutive months.

CGST was Rs 31,785 crore, SGST was Rs 39,615 crore
In line with the Finance Ministry, GST assortment in February 2023 stood at ₹1,68,337 crore. Of this, CGST was Rs 31,785 crore, SGST was Rs 39,615 crore, IGST was Rs 84,098 crore (together with Rs 38,593 crore collected on import of products) and cess was Rs 12,839 crore. Cess contains Rs 984 crore obtained from import of products.

GST assortment of Rs 16.69 lakh crore to this point in FY24
Within the monetary 12 months 2023-24 i.e. within the final 11 months (April 2023-February 2024), a complete GST assortment of Rs 18.37 lakh crore has been executed to this point. Whereas within the final monetary 12 months 2022-23, the whole GST assortment was Rs 18.10 lakh crore.

GST was applied in 2017
GST is an oblique tax. It was applied in 2017 to exchange quite a lot of earlier oblique taxes (VAT), service tax, buy tax, excise responsibility and plenty of different oblique taxes. GST has 4 slabs of 5, 12, 18 and 28%.