GST collection crossed Rs1.30 lakh crore mark for the 5th time
India Infoline News Service |
02 Mar, 2022 |
The gross GST revenue collected in the month of February 2022 is Rs1,33,026 crore of which CGST is Rs24,435 crore, SGST is Rs30,779 crore, IGST is Rs67,471crore (including Rs33,837 crore collected on import of goods) and cess is Rs10,340 crore (including Rs638 crore collected on import of goods).
This is for the fifth time GST collection has crossed the Rs1.30 lakh crore mark. Since the implementation of GST, for the first time, GST cess collection crossed the Rs10,000 crore mark, which signifies recovery of certain key sectors, especially, automobile sales.
The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020.
During the month, revenues from import of goods were 38% higher and the revenues from the domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year.
The government has settled Rs26,347 crore to CGST and Rs21,909 crore to SGST from IGST. The total revenue of Centre and the States in the month of February 2022 after a regular settlement is Rs50,782 crore for CGST and Rs52,688 crore for the SGST.
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.