GST collection goes up 12 per cent to Rs 1.50L cr in Feb
Mar 01, 2023
New Delhi [India], March 1 : The collection of gross GST revenue in February went up 12 per cent to Rs 1,49,577 crore, the finance ministry said in a statement on Wednesday.
Of this amount, central goods and services tax (CGST) is Rs 27,662 crore, state goods and services tax (SGST) is Rs 34,915 crore, integrated goods and services tax (IGST) is Rs 75,069 crore, including Rs 35,689 crore collected on import of goods and cess is Rs 11,931 crore which included Rs 792 crore collected on import of goods.
In February 2022, the GST collection stood at Rs 1,33,026 crore.
The government has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement, according to the statement.
"The total revenue of Centre and the states after regular settlements in February 2023 is Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST. In addition, the Centre had also released a balance GST compensation of Rs 16,982 crore for the month of June 2022 and Rs16,524 crore to States/UTs which have sent AG-certified figures for the previous period.
During February, revenues from the import of goods was 6 per cent higher and the revenues from domestic transaction (including import of services) are 15 per cent higher than revenues from these sources during the same month last year. According to the statement, this month witnessed the highest cess collection of Rs 11,931 crore since the implementation of GST. Normally, February being a 28-day month, witnesses a relatively lower revenue collection.
