GST collection in February: The Ministry of Finance said that monthly GST revenues have been over Rs 1.4 lakh crore for 12 months in a row now.
Goods and Services Tax (GST) collection for February has been recorded at Rs 1.49 lakh crore, which is 12 per cent higher than the GST collection of February 2022. The revenue for February 2022 was Rs 1,33,026 crore. The Ministry of Finance said that monthly GST revenues have been over Rs 1.4 lakh crore for 12 months in a row now. Year-on-year revenues from import of goods were 6 per cent higher and domestic transactions, including import of services, were 15 per cent higher.
The gross GST collection for February was Rs 1,49,577 crore, out of which Rs 27,662 crore was CGST, Rs 34,915 crore was SGST, Rs 75,069 crore was IGST, including Rs 35,689 crore collected on import of goods, and cess was Rs 11,931 crore, including Rs 792 crore collected on import of goods.
February saw the highest cess collection of Rs 11,931 crore since implementation of GST. Since February is a 28-day month, the revenue collection tends to be slightly lower.
The ministry stated that Rs 34,770 crore has been settled by the government towards CGST and Rs 29,054 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states after regular settlements was Rs 62,432 crore and Rs 63,969 crore respectively.
