GST collections rose by 9.1 percentage points to about INR 1.84 lakh crore in Feb 2025
Basic Key Insights from February 2025 GST Collections
The 9.1% YoY rise in gross GST collections to ₹1.84 trillion in February 2025 reflects sustained domestic consumption and a potential economic revival. However, the collections are lower than ₹1.96 trillion in January 2025, which could be due to seasonal factors or month-end tax adjustments. Domestic GST revenues rose 10.2% YoY to ₹1.42 trillion, suggesting improved business activity and compliance. GST on imports grew 5.4% to ₹41,702 crore, indicating steady but cautious import demand. Breakdown of Collections:
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- CGST: ₹35,204 crore
- SGST: ₹43,704 crore
- IGST: ₹90,870 crore (including ₹41,702 crore from imports)
- Compensation Cess: ₹13,868 crore
Refunds: ₹20,889 crore, a 17.3% YoY increase, implying better processing efficiency.
Net GST Collections: ₹1.63 trillion, up 8.1% YoY.
Growth in Gross GST Collections with Key Drivers of Growth
- February 2025 collections: INR 1.84 lakh crore (up 9.1% YoY from INR 1.68 lakh crore in Feb 2024). Net GST collections: INR 1.63 lakh crore (up 8.1% YoY from INR 1.50 lakh crore in Feb 2024). Lower than January 2025’s INR 1.96 lakh crore, possibly due to seasonal factors.
- Domestic GST revenue surged 10.2% to INR 1.42 lakh crore, reflecting strong consumption and economic momentum. GST on imports grew 5.4% to INR 41,702 crore, indicating relatively moderate trade activity.
Fiscal Year-to-Date (April 2024 – February 2025) Performance
- Gross GST collections: INR 20.13 lakh crore (9.4% YoY growth).
- Net GST collections: INR 17.79 lakh crore (8.6% YoY growth).
- Moderate Import Growth: Comparative Analysis:
| Month | Gross GST (INR Trillion) | Net GST (Trillion) |
| Feb 2025 | 1.84 | 1.63 |
| Jan 2025 | 1.96 | NA |
| Feb 2024 | 1.68 | 1.50 |
Compared to February 2024, gross collections were ₹1.68 lakh crore, and net collections were INR 1.50 lakh crore, reflecting steady growth in 2025. The lower collections in February compared to January could be due to a post-festive season dip in consumption, Possible deferment of payments post-January deadline, and industry-specific fluctuations. This trend suggests robust economic performance and consistent GST compliance, but the relatively lower growth in import revenues compared to domestic revenues may indicate a shift in consumption patterns or external trade dynamics.
Implications & Outlook on February 2025 GST Collections
- Continued economic momentum with strong domestic demand. Maha Kumbh and fiscal year-end activities could boost next month’s revenue.
- Some states underperformed, requiring policy focus on regional growth trends. And Robust GST collections support a lower-than-expected fiscal deficit.
- Slower growth in import revenues could indicate cautious trade trends. Strong domestic GST growth suggests continued economic stability.
- Improved compliance and refund processing, benefiting businesses.
- GST Analysis of Gross GST collection in Jan 2025
Rajput Jain and Associates Expert Opinions
- India is resilient against global economic challenges. GST collections are on target, contributing to a lower revised fiscal deficit of 4.8% (vs. 4.9% budgeted).
- Major manufacturing and consuming states (Haryana, UP, Maharashtra, TN, MP, Karnataka) reported 10-20% GST growth. Increased refund disbursements ease working capital pressures for businesses. Some states lagged behind (Telangana, Gujarat, Assam, AP, Odisha with 1-4% growth), requiring further analysis.
- Growth in domestic GST signals Q4 economic revival. Maha Kumbh event may further boost collections in March 2025. Higher domestic GST growth vs import GST reflects Atma Nirbhar Bharat policies.
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