GST Collection Crosses Rs 1 Lakh Crore Mark For Fifth Consecutive Month, Stands At Rs 1.13 Lakh Crore For Feb

GST Collection Crosses Rs 1 Lakh Crore Mark For Fifth Consecutive Month, Stands At Rs 1.13 Lakh Crore For FebGST is the new unified tax regime in India. (photo by Arun Sharma/Hindustan Times via Getty Images)

The gross GST revenue collection for February 2021 stands at Rs 1.13 lakh crore. Out of this amount, the share of CGST stands at Rs 21,092 crore, SGST at Rs 27,273 crore and IGST at Rs 55,253 crore. Additionally a cess of Rs 9,525 crore has been collected in February.

The centre has settled Rs 22,398 crore towards CGST and Rs 17,534 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States.

The total revenue of Centre and the States after regular settlement and ad-hoc settlement in the month of February 2021 is Rs 67,490 crore for CGST and Rs 68,807 crore for the SGST.

In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7 per cent higher the GST revenues in the same month last year.

In February, revenues from import of goods was 15 per cent and the revenues from domestic transaction (including import of services) are 5 per cent higher than the revenues from these sources during the same month last year.

The GST revenues has crossed the Rs 1 lakh crore mark fifth time in a row and crossed Rs 1.1 lakh crore third time in a row post pandemic despite this being revenue collection of the month of February. This has been termed as a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance.

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