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Gross GST collection in February 2024 jumped 12.5 percent year-on-year (YoY) to Rs 1,68,337 crore, according to an official statement released on Friday.

It was widely perceived that the anti-profiteering mechanism set up under the GST regime was an initial nudge aimed to ensure that companies passed on the 'benefit' - be it a fall in tax rates, or an enhanced input tax credit - arising from the GST roll-out to the end consumer by way of commensurate reduction in prices. The adjudicating authority, National Anti-Profiteering Authority (NAA) set up in 2017, had a two-year tenure. But this was extended twice, till November 2022, with the mantle passed on to CCI subsequently.

Real estate companies in India have approached the Finance Ministry seeking clarifications and addressing concerns over recent Goods and Services Tax (GST) notices. This move reflects the industry's proactive engagement with regulatory authorities to seek clarity and resolve potential challenges arising from GST-related matters.

E-way bill generation surged to 9.73 crores in February. This is the highest in four months and also the new second-all all-time-high generation. This is expected to have a positive impact on GST collection in March. February figures are also important as the month had only 29 days. The Finance Ministry will come out with the collection of data for March on April 1.