GST collection in February crossed Rs 1.3 lakh crore, a growth of 18 per cent over the year-ago period, the Finance Ministry said on Tuesday.
This is the fifth time that the GST collection has crossed the Rs 1.3 trillion mark
GST collection in February crossed Rs 1.3 lakh crore, a growth of 18 per cent over the year-ago period, the Finance Ministry said on Tuesday.
The government collected Rs 1,33,026 crore GST in the month of February.
This is the fifth time that the GST collection has crossed the Rs 1.3 lakh crore mark. The highest monthly GST collection has been Rs 1.39 lakh crore in the month of April 2021.
"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," the official release said.
The gross GST revenue collected in February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including ₹33,837 crore collected on import of goods) and cess is Rs 10,340 crore.
During the month, revenues from import of goods was 38% higher and the revenues from domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year.
Deloitte India Partner MS Mani said that GST collections exceeding Rs 1.33 lakh crore despite the challenging pandemic situation on January 22 indicate that the collections are now on a stable trajectory and the FY22 targets would be exceeded.
"While on an overall basis, the collections are 18 per cent higher than the same period last year, there is significant divergence amongst states with increases in the range of 2 per cent to 23 per cent amongst the large states," Mani added.
NA Shah Associates Partner Parag Mehta said the GST audits for March 2021 have also been completed on February 28 and balance tax payable due to errors and omissions has also led to higher collections.
"The growth trajectory in collections should now be in this range only," Mehta added.
Tax Connect Advisory Partner Vivek Jalan said the robust GST Collection is a result of restrictions on availing of ITC by the GST departments across the country.
(With inputs from PTI)