Over the Course of a Year, Goods and Services Tax Collections Surpass Rs 1.4 Lakh Crore Every Month
According to the finance ministry’s announcement on March 1, the government collected Rs 1.50 lakh crore in Goods and Services Tax (GST) during February.
In February, GST collections decreased from January’s second-highest ever monthly collection of Rs 1.58 lakh crore, which was introduced under the indirect tax regime in July 2017.
The February GST collections have risen by 12% compared to the same month last year. GST collections have remained above the Rs 1.4-lakh crore benchmark for twelve months in a row. In December 2022, GST collections had reached Rs 1.5 lakh crore.
The Central GST collections for February amounted to Rs 27,662 crore, and the State GST collections were Rs 34,915 crore. Integrated GST collections stood at Rs 75,069 crore, with cess collections totaling Rs 11,931 crore.
Despite a decrease in overall GST collections during the month of February, the government achieved its highest ever monthly collection of cess.
The finance ministry noted that February is typically a shorter month with 28 days, and therefore typically sees lower revenue collection.
Following the settlement of Rs 34,770 crore to Central GST and Rs 29,054 crore to State GST from Integrated GST, the total revenue for the Centre and the states in February were Rs 62,432 crore and Rs 63,969 crore, respectively.
As per the finance ministry’s statement, the Centre disbursed Rs 16,982 crore in balance GST compensation for June 2022, and also transferred Rs 16,524 crore to States/Union Territories that had submitted certified figures for the previous period.
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