GST: GST collection for February rises 18%; tops Rs 1.30 lakh crore mark for 5th time | India Business News


NEW DELHI: Goods and services tax (GST) collections stayed above Rs 1.30 lakh crore-mark for the fifth straight time in February, official release by the ministry of finance showed on Tuesday.
Gross GST revenue collected in the month of February is Rs 1,33,026 crore, 18 per cent higher than Rs 1,13,143 crore revenue collected in the same month last year and 26 per cent higher than the GST revenues in February 2020.
The February mop-up was impacted by the Omicron wave that swept through the country and hence, the gross sales tax collection was lower than the record Rs 1,40,986 crore netted in January.

Of the total GST revenues, 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).
Since implementation of GST, for the first time, cess collection crossed Rs 10,000 crore-mark. This signifies recovery of certain key sectors, especially, automobile sales, the release said.

The total revenue of Centre and the States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.
“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 January 20,” the release said.
The ministry said February, being a 28-day month, normally witnesses revenues lower than in January.


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