GST collections crossed Rs 1.30 lakh crore for the fifth consecutive month

GST collections crossed Rs 1.30 lakh crore for the fifth consecutive month

The total GST revenue collected in February 2022 is ₹1,33,026 crore, of which CGST is ₹24,435 crore, SGST is ₹30,779 crore, IGST is ₹67,471crore (including ₹33,837 crores gathered on import of goods), and cess is ₹10,340 crore (including ₹638 crores collected on import of goods).

The February mop-up was impacted by an Omicron wave that swept through the country, and hence, the gross sales tax collection was less than the record ₹1,40,986 crore netted in January.

The government has settled ₹26,347 crores to CGST and ₹21,909 to SGST from IGST. The Centre and the States income in February 2022 after the regular settlement is ₹50,782 for CGST and ₹52,688 for the SGST.

18% for February 2022 is higher than the GST revenues in last year for the same month and 26% higher than GST revenues in February 2020. During the month, revenues from the import of goods were 38% higher. The income from the domestic transaction, including import of services, was 12% higher than the profits from these sources last year for the same month.

GST collections crossed Rs 1.30 lakh crore for the fifth consecutive month 1pixabay image

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Being a 28-day month, February usually witnesses revenues lower than January. The high growth during February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews, and various restrictions put in place by multiple States due to the omicron wave, which peaked around 20th January.

GST collection has crossed the ₹1.30 lakh crore mark for the fifth time. Since the implementation of GST, for the first time, GST cess collection crossed the ₹10,000 crore mark, which signifies recovery of specific vital sectors, especially automobile sales.

Out of the overall Rs 1.33 lac, crore profit, CGST and the tax levied on intra-state supplies of goods and services by the central government is Rs 24,435 crore. SGST, the tax levied on intra-state supplies of both goods and services by the states — is Rs 30,779 crore, IGST — a tax levied on all inter-state supplies of goods and services — 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).

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