Meghalaya has recorded a 2 per cent year-on-year growth on GST revenue collection in February this year as compared to February last year.
According to the Finance Ministry, the GST revenue collected by Meghalaya in February this year was Rs 193 crore. In February 2023, the GST collection was Rs 189 crore.
As far as pre-settlement SGST for Meghalaya is concerned, the amount was Rs 550 crore in 2023-24 as compared to Rs 435 crore in 2022-23. This showed a growth of Rs 26 per cent.
The post-settlement SGST in 2023-24 was Rs 1557 crore in 2023-24 as compared to Rs 1370 crore in 2022-23. Thus, the post-settlement SGST in 2023-24 showed a growth of 14 per cent.
The Finance Ministry stated that the GST revenue collected in the country for February 2024 is Rs 1,68,337 crore, marking a robust 12.5 per cent increase compared to that in the same month in 2023. This growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6 per cent over that for the same period last year.
As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 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 is Rs 16.36 lakh crore which is a growth of 13.0 per cent over that for the same period last year.
