GST collection in February up y-o-y by 12.40%

3 Mar 2023 , 12:47 PM

In February 2023, India’s Goods and Services Tax (GST) revenues increased by 12.4% to over 1.49 lakh crore, with tax receipts from goods imports increasing by 6% and domestic transactions and service imports increasing by 15% over the previous year.

In February, the total amount of GST collected reached Rs1,49,577 crore, continuing a trend of over Rs1.4 lakh crore monthly revenue for the past 12 months. 

Although this figure was 5.06% lower than January’s collection of Rs1,57,554 crore, the year-on-year growth in February was slightly higher at 11.75%.

In February, Central GST (CGST) collections totaled Rs27,662 crore, while State GST (SGST) collections totaled Rs34,915 crore. Integrated GST (IGST) inflows were Rs75,069 crore (including Rs35,689 crore collected on import of goods), while GST Compensation Cess collections reached a record high of Rs11,931 crore (including Rs792 crore collected on import of goods).

According to the Finance Ministry, the February GST receipts, which relate to transactions from January, saw the highest cess collection of Rs11,931 crore since the implementation of GST. Typically, revenue collection is lower in February due to it being a shorter 28-day month.

The collection trends among the states were very mixed, with 15 reporting growth that was equal to or greater than the 15% growth in domestic revenue, and 14 reporting slower increases.

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