GST Collections In February Up By 18 Per Cent To Rs 1.33 Lakh Crore, Cess Collection Crosses Rs 10,000 Crore Mark For First Time
The gross GST revenue collected in the month of February is Rs 1,33,026 crore, an official release said on Tuesday (1 March).
Out of the total GST collection, the Central GST is Rs 24,435 crore, the State GST is Rs 30,779 crore, the Integrated GST is Rs 67,471 crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods), the Ministry of Finance said in a release.
The government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST, the ministry said.
The total revenue of Centre and the States in the month of February after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST, it added.
According to the ministry, the revenues for the month of February are 18 per cent higher than the GST revenues in the same month last year and 26 per cent higher than the GST revenues in February 2020.
During the month, revenues from import of goods was 38 per cent higher and the revenues from domestic transaction (including import of services) are 12 per cent higher than the revenues from these sources during the same month last year, the ministry said.
The ministry noted that February, being a 28-day month, normally witnesses revenues lower than that in January.
The high growth during February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by various States due to the omicron wave, which peaked around 20 January, the ministry said.
This is for the fifth time GST collection has crossed Rs 1.30 lakh crore mark. Since implementation of GST, for the first time, GST cess collection crossed Rs 10,000 crore mark, which signifies recovery of certain key sectors, especially, automobile sales, it added.
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