GST collection crosses ₹1.84 lakh crore in February

The collection of GST has been broken down further by different states. Here are the figures: In ​February, collection of CGST reached Rs 35,204 crore, while the amount ascribed for SGST and IGST stood at Rs 43,704 and Rs 90,870 crore, respectively. Furthermore, compensation cess stood at 13,868 crores.

February processing saw refund claims amounting to Rs 20,889 crores, which reflects a year-on-year growth of 17.3%. The total amount of net GST collected in the month of February 2025 is estimated to be around 1.63 lakh crore, while the estimate for net GST in February 2024 is expected to stand at 1.50 lakh crore.

The third quarter GDP numbers have also been published as of yesterday. 

As a reminder, the Indian government did release the country’s GDP rate for the third quarter of the financial 2024-25 year, which stood at 6.2 percent in the third quarter. This has now been published by the National Statistical Office (NSO), Ministry of Statistics, and Program Implementation (MoSPI) on the Friday before the last. Previously, the GDP growth of the second quarter (Q2FY25) saw a drop to 5.4%, which is a sharp decline compared to the previous 7 quarters and is lower than the country’s GDP potential growth rate of 7-7.5%.

The last few quarters have shown a steady decrease in economic growth. GDP growth was 8.6 percent in Q3FY24, dropping lower to 7.6% in Q4FY24, and then further dropped to 6.7% in Q1FY25 and down to 5.4% in Q2FY25.

The statistics ministry has kept the GDP growth at 6.4% for FY25 is lower than the 8.2% growth in FY24. The Reserve Bank of India has set a 6.6% growth for this current fiscal year. Core economic activity had remained suppressed in the first half of FY25, but the ministry is hopeful that there will be an economic pick up in the second half of the year. Brazil is expected to grow supported by increased agricultural and industrial production and strong rural consumption. The economy may grow between 6.4-6.8% by the end of FY25.