GST revenue collection for Feb at Rs 1.33 lakh cr; up 18% on-year

The Ministry of Finance said that the GST collection for the month of February stands at Rs 1,33,026 crore, which is 18 per cent higher than the revenue in the same month last year. It is 26 per cent higher than the GST collection of February 2020. 

This is the fifth time GST collection has crossed the Rs 1.30 lakh crore mark. Additionally, GST cess collection crossed the Rs 10,000 crore mark for the first time since the implementation of GST. The ministry said that this signifies recovery of key sectors, especially automobile sales.

Of the Rs 1,33,026 crore, Rs 24,435 crore is CGST, while Rs 30,779 crore is SGST and Rs 67,471crore is IGST, including Rs 33,837 crore collected on import of goods, and Rs 10,340 crore cess, including Rs 638 crore collected on import of goods. 

The ministry said that Rs 26,347 crore has been settled towards CGST, and Rs 21,909 crore to SGST from IGST. The total revenue of Centre and states in the month of February after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.

Revenues from the import of goods were 38 per cent higher and revenues from domestic transactions were 12 per cent higher than 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 ministry said. 

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