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₹1,68,337 crore gross GST revenue collected during February 2024; records Year-on-Year (Y-o-Y) growth of 12.5%

Average monthly gross collection for FY2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY2022-23

Gross GST collection reaches ₹18.40 lakh crore for FY2023-24, grows 11.7% Y-o-Y

Net revenue at ₹1.51 lakh crore is up 13.6% for the month and up by 13% for the year at ₹16.36 lakh crore

 

Gross Goods and Services Tax (GST) revenue collected for February 2024 is ₹1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods. GST revenue net of refunds for February 2024 is ₹1.51 lakh crore which is a growth of 13.6% over that for the same period last year.

Strong Consistent Performance in FY 2023-24: As of February 2024, the total gross GST collection for the current fiscal year stands at ₹18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is ₹1.67 lakh crore, exceeding the ₹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 ₹16.36 lakh crore which is a growth of 13.0% over that for the same period last yearOverall, the GST revenue figures demonstrate continued growth momentum and positive performance.

Breakdown of February 2024 Collections:

  • Central Goods and Services Tax (CGST): ₹31,785 crore
  • State Goods and Services Tax (SGST): ₹39,615 crore
  • Integrated Goods and Services Tax (IGST): ₹84,098 crore, including ₹38,593 crore collected on imported goods
  • Cess: ₹12,839 crore, including ₹984 crore collected on imported goods

Inter-Governmental Settlement: The central government settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected. This translates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement.

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Union Finance Minister Smt. Nirmala Sitharaman virtually presides over handing-over ceremony of 101 antiquities seized by Customs to the Archaeological Survey of India (ASI)

Prime Minister Shri Narendra Modi has been making sure that stolen artefacts and antiquities are brought back to India from various countries: Union Finance Minister

Union Finance Minister releases ‘पुरावशेष के प्रहरी’, an information brochure depicting select antiquities

Revenue Secretary highlighted twin role of Customs and ASI officials in detection and thwarting of attempts of illegal export of antiquities

Need to use of technology and inter-agency coordination as well as international cooperation in busting the international smuggling syndicates: CBIC Chairman

Handing-over ceremony was held simultaneously at seven different locations viz. Bengaluru, Bhopal, Bhubaneshwar, Delhi, Guwahati, Mumbai and Pune

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman virtually presided over the handing-over ceremony of the antiquities seized by Customs to the Archaeological Survey of India (ASI) conducted by the Central Board of Indirect Taxes and Customs (CBIC), from New Delhi, today. The handing-over ceremony was held at seven different locations viz. Bengaluru, Bhopal, Bhubaneshwar, Delhi, Guwahati, Mumbai and Pune.

 

In total, 101 numbers of seized articles of antiquities were handed over by different field formations of Customs to ASI for display and specialised care. Out of the said 101 antiquities, few will be displayed at ‘Dharohar’- the National Museum of Customs & CGST at Goa.

Union Finance Minister also released brochure ‘पुरावशेष के प्रहरी’, depicting select antiquities that were a part of the ceremony. (Access the brochure: https://www.cbic.gov.in/entities/cbic-content-mst/NDMzOTg%3D)

The Union Finance Minister handed over an Idol of Lord Vishnu (Perumal) belonging to the late medieval period to the Director General, ASI as part of the ceremony

 

Revenue Secretary Shri Sanjay Malhotra; CBIC Chairman Shri Sanjay Kumar Agarwal; Members of the Board (CBIC); Director General of ASI, Shri Yadubir Singh Rawat; Senior Officers of CBIC and ASI were also present on the occasion.

While handing over Customs seized antiquities to the ASI, the Union Finance Minister stated that Prime Minister Shri Narendra Modi has been making sure that stolen artefacts and antiquities are brought back to India from various countries for which bilateral negotiations keep on taking place. Many artefacts and antiquities have been brought back in recent times and with these 101 seized articles of antiquities, Customs is contributing to India's rich history.

Smt. Sitharaman further stated that the Customs Department and formations under it are the ‘guardians of the economic frontiers’.

 

While noting that the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) at Palasamudram (Andhra Pradesh), which was inaugurated by the Prime Minister in January 2024, has state-of-art facilities, the Union Finance Minister exhorted the CBIC to get the officials trained in relevant courses at NACIN Palasamudram in the coming months.

In her closing remarks, the Union Finance Minister emphasised on handling of the religious texts, artefacts, antiquities with due care and dignity due to their sensitive state and historical context by the officials concerned.

In his address on the occasion, Secretary, Department of Revenue, Ministry of Finance, Shri Sanjay Malhotra underlined the historical, artistic, and societal value of the antiquities and highlighted the twin role of Customs and ASI officials in detection and thwarting of attempts of illegal export of antiquities.

In his address on the occasion, Shri Agarwal accentuated the need of use of technology and inter-agency coordination as well as international cooperation in busting the international smuggling syndicates. Shri Agarwal also mentioned of a special instance where an attempt to smuggle an ancient bronze idol of ‘Ma Kotrakshi’, the presiding deity of a temple of Darpangarh village, Jajpur district in Odisha was thwarted by Delhi Customs officials and the idol was respectfully restored at its place in the temple in November 2023 with the coordinated efforts of Customs, ASI, Odisha Police and the State administration.

 

The Indian Customs and Archaeological Survey of India (ASI) are collaborating since decades to secure and preserve our antiquities, be that work of literature, artefacts, idols, paintings, coins etc. Unauthorised export of antiquities is prohibited under the provisions of the Antiquities and Art Treasures Act, 1972.

Two of the notable antiquities that were handed over include Palm Leaf Manuscript having 155 leaves with hard wooden supporting covers at top and bottom. It is said to be composed in classical Champu with metres and rhythms in modern Odia script and language; and a Manuscript having 17 leaves made of hand-made paper written in Devanagari script appearing to contain Buddhist texts. These were seized in the year 2019 and 2020 while being attempted to be exported to Spain and France respectively.

The ceremony concluded with vote of thanks by Shri Surjit Bhujbal, Member (Customs), CBIC.

Union Finance Minister Smt. Nirmala Sitharaman virtually presides over handing-over ceremony of 101 antiquities seized by Customs to the Archaeological Survey of India (ASI)

Prime Minister Shri Narendra Modi has been making sure that stolen artefacts and antiquities are brought back to India from various countries: Union Finance Minister

Union Finance Minister releases ‘पुरावशेष के प्रहरी’, an information brochure depicting select antiquities

Revenue Secretary highlighted twin role of Customs and ASI officials in detection and thwarting of attempts of illegal export of antiquities

Need to use of technology and inter-agency coordination as well as international cooperation in busting the international smuggling syndicates: CBIC Chairman

Handing-over ceremony was held simultaneously at seven different locations viz. Bengaluru, Bhopal, Bhubaneshwar, Delhi, Guwahati, Mumbai and Pune

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman virtually presided over the handing-over ceremony of the antiquities seized by Customs to the Archaeological Survey of India (ASI) conducted by the Central Board of Indirect Taxes and Customs (CBIC), from New Delhi, today. The handing-over ceremony was held at seven different locations viz. Bengaluru, Bhopal, Bhubaneshwar, Delhi, Guwahati, Mumbai and Pune.

 

In total, 101 numbers of seized articles of antiquities were handed over by different field formations of Customs to ASI for display and specialised care. Out of the said 101 antiquities, few will be displayed at ‘Dharohar’- the National Museum of Customs & CGST at Goa.

Union Finance Minister also released brochure ‘पुरावशेष के प्रहरी’, depicting select antiquities that were a part of the ceremony. (Access the brochure: https://www.cbic.gov.in/entities/cbic-content-mst/NDMzOTg%3D)

The Union Finance Minister handed over an Idol of Lord Vishnu (Perumal) belonging to the late medieval period to the Director General, ASI as part of the ceremony

 

Revenue Secretary Shri Sanjay Malhotra; CBIC Chairman Shri Sanjay Kumar Agarwal; Members of the Board (CBIC); Director General of ASI, Shri Yadubir Singh Rawat; Senior Officers of CBIC and ASI were also present on the occasion.

While handing over Customs seized antiquities to the ASI, the Union Finance Minister stated that Prime Minister Shri Narendra Modi has been making sure that stolen artefacts and antiquities are brought back to India from various countries for which bilateral negotiations keep on taking place. Many artefacts and antiquities have been brought back in recent times and with these 101 seized articles of antiquities, Customs is contributing to India's rich history.

Smt. Sitharaman further stated that the Customs Department and formations under it are the ‘guardians of the economic frontiers’.

 

While noting that the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) at Palasamudram (Andhra Pradesh), which was inaugurated by the Prime Minister in January 2024, has state-of-art facilities, the Union Finance Minister exhorted the CBIC to get the officials trained in relevant courses at NACIN Palasamudram in the coming months.

In her closing remarks, the Union Finance Minister emphasised on handling of the religious texts, artefacts, antiquities with due care and dignity due to their sensitive state and historical context by the officials concerned.

In his address on the occasion, Secretary, Department of Revenue, Ministry of Finance, Shri Sanjay Malhotra underlined the historical, artistic, and societal value of the antiquities and highlighted the twin role of Customs and ASI officials in detection and thwarting of attempts of illegal export of antiquities.

In his address on the occasion, Shri Agarwal accentuated the need of use of technology and inter-agency coordination as well as international cooperation in busting the international smuggling syndicates. Shri Agarwal also mentioned of a special instance where an attempt to smuggle an ancient bronze idol of ‘Ma Kotrakshi’, the presiding deity of a temple of Darpangarh village, Jajpur district in Odisha was thwarted by Delhi Customs officials and the idol was respectfully restored at its place in the temple in November 2023 with the coordinated efforts of Customs, ASI, Odisha Police and the State administration.

 

The Indian Customs and Archaeological Survey of India (ASI) are collaborating since decades to secure and preserve our antiquities, be that work of literature, artefacts, idols, paintings, coins etc. Unauthorised export of antiquities is prohibited under the provisions of the Antiquities and Art Treasures Act, 1972.

Two of the notable antiquities that were handed over include Palm Leaf Manuscript having 155 leaves with hard wooden supporting covers at top and bottom. It is said to be composed in classical Champu with metres and rhythms in modern Odia script and language; and a Manuscript having 17 leaves made of hand-made paper written in Devanagari script appearing to contain Buddhist texts. These were seized in the year 2019 and 2020 while being attempted to be exported to Spain and France respectively.

The ceremony concluded with vote of thanks by Shri Surjit Bhujbal, Member (Customs), CBIC.

Implementation of Electronic Cash Ledger (ECL) for payment of Import duties

Implementation of Electronic Cash Ledger (ECL) for payment of Import duties for goods imported through Courier Mode from tomorrow, i.e. 1st March 2024

With ECL, Express Industry can now make payment through multiple banks as per convenience by internet banking and NEFT/RTGS from the existing one bank

The Electronic Cash Ledger (ECL) shall be the mode of payment of Import duties for goods imported through International Courier terminals from 01st March 2024.

With the introduction of ECL, Express Industry can make payment through multiple banks as per convenience by internet banking and NEFT/RTGS from the existing one bank.

Earlier, the Electronic Cash Ledger was implemented for payment of Import Duties for cargo processed through EDI at Seaports, Airports, ICDs and LCSs from 01st April 2023.

For implementing the new payment system by use of ECL, handholding of the trade was done by means of registration mela and webinars conducted by DG Systems, CBIC, from October to December, 2023 to familiarise different stakeholders before the launch of ECL for Express Cargo Industry.

A pilot phase was started on 15.01.2024 and the same was expanded in phases to Delhi, Bengaluru, Mumbai and all other International Courier Terminal locations. Since 12.02.2024, the pilot has been running successfully in all the locations without any glitches in the system.

The new ECL mode of payment is now available for all EXIM and it would facilitate ease of doing business to the trade.