A boost from domestic transactions helped the GST collection rise 12.5% in February to over Rs 1.68 trillion, the finance ministry announced on Friday.

With a total gross GST collection of Rs 18.40 trillion for the current fiscal year (April 2023–February 2024), the collection is 11.7% more than it was for the corresponding time in the previous fiscal year.

Over Rs 1.5 trillion was collected in the previous fiscal year, with an average monthly gross collection of Rs 1.67 trillion for the current fiscal year.

"Gross Goods and Services Tax (GST) revenue collected 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," the ministry stated in a statement.

A 13.9% increase in GST from domestic transactions and an 8.5% increase in GST from goods imports were the main drivers of this surge.