Business
India's February GST Collection Up 12 Per Cent To Rs 1.49 Lakh Crore
GST
India's Goods and Services Tax (GST) collection in February 2023 rose by 12 per cent to over Rs 1.49 lakh crore.
"The gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore of which CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (including ₹35,689 crore collected on import of goods) and Cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods)," the Finance Ministry said in a release on Wednesday (1 March).
The government has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement, the ministry said.
The total revenue of Centre and the States after regular settlements in the month of February 2023 is Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST, it added.
In addition, Centre had also released balance GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to states/UTs which have sent AG certified figures for previous period.
"The revenues for the month of February 2023 are 12 per cent higher than the GST revenues in the same month last year, which was Rs 1,33,026 crore," the ministry said.
During the month, revenues from import of goods was 6 per cent higher and the revenues from domestic transaction (including import of services) are 15 per cent higher than the revenues from these sources during the same month last year.
"This month witnessed the highest cess collection of Rs 11,931 crore since implementation of GST," the ministry said.
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