India’s GST Collection Rises 8.1% in February
- Context: Gross Goods and Services Tax (GST) collections increased by 8.1% year-on-year, crossing ₹1.83 lakh crore in February.
Domestic vs Import Revenue
- Gross domestic revenue rose 5.3% to approximately ₹1.36 lakh crore.
- Gross revenue from imports jumped 17.2% to ₹47,837 crore, driving overall growth.
Net GST Collection
- Net GST revenue stood at over ₹1.61 lakh crore, reflecting a 7.9% annual increase.
GST Rate Rationalisation
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- GST rates on about 375 items were reduced.
- The earlier four tax slabs (5%, 12%, 18%, 28%) were merged into two main slabs — 5% and 18%.
- A new 40% slab was introduced for select ultra-luxury goods and tobacco products.
