New Delhi: The Indian government’s revenue from goods and service tax or GST collection for the month of January stood at Rs 1,33,026 crore, as per data released by the Ministry of Finance on Tuesday.
“The gross GST revenue collected in the month of 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 67,471 crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods),” read a government statement.
The government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. The total revenue of Centre and the States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.
The revenues for the month of February 2022 are 18 percent higher than the GST revenues in the same month last year and 26 percent higher than the GST revenues in February 2020.
During the month, revenues from import of goods was 38 percent higher and the revenues from domestic transaction (including import of services) are 12 percent higher than the revenues from these sources during the same month last year.
February, being a 28-day month, normally witnesses revenues lower than 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 owing to the Omicron wave, which peaked around January 20.
This is for the fifth time that GST collection has crossed the Rs 1.30 lakh-crore mark. Since implementation of GST, for the first time, GST cess collection has crossed the Rs 10,000-crore mark, which signifies recovery of certain key sectors, especially automobile sales.
Indiablooms News Service