GST revenues soar 18 per cent to Rs 1.33 lakh crore in February
New Delhi: Gross revenue collection from the Goods and Services Tax (GST) surged to Rs 1.33 lakh crore in February, posting an increase of 18 per cent year-on-year, the government data showed on Tuesday. The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 […]
New Delhi: Gross revenue collection from the Goods and Services Tax (GST) surged to Rs 1.33 lakh crore in February, posting an increase of 18 per cent year-on-year, the government data showed on Tuesday.
The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (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), according to data released by the Ministry Finance.
The revenues for the month of February 2022 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 under review, revenue from import of goods was 38 per cent higher and the revenues from the domestic transactions (including import of services) are 12 per cent higher than the revenues from these sources during the same month last year.
“February, being a 28-day month, normally witnesses revenues lower than that in January. This 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 20th January,” the Finance Ministry said.
This is for the fifth time GST collection has crossed Rs 1.30 lakh crore mark. Since the implementation of GST, for the first time, GST cess collection crossed the Rs 10,000 crore mark, which signifies recovery of certain key sectors, especially, automobile sales.
In February, the government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. The total revenue of the Centre and the States in the month of February 2022 after a regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.
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