GST revenues soar 18% to ₹1.33 lakh crore in February

Gross revenue collection from the Goods and Services Tax (GST) surged to ₹1.33 lakh crore in February, posting an increase of 18% year-on-year, the government data showed on Tuesday.

The gross GST revenue collected in the month of 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 crore collected on import of goods) and cess is ₹10,340 crore (including ₹638 crore collected on import of goods), according to data released by the Ministry Finance.

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.

During the month under review, revenue from import of goods was 38% higher and the revenues from the domestic transactions (including import of services) are 12% higher than the revenues from these sources during the same month last year.

“February, being a 28-day month, normally witnesses revenues lower than that in 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 due to the omicron wave, which peaked around 20th January,” the Finance Ministry said.

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

In February, the government has settled ₹26,347 crore to CGST and ₹21,909 crore to SGST from IGST. The total revenue of the Centre and the States in the month of February 2022 after a regular settlement is ₹50,782 crore for CGST and ₹52,688 crore for the SGST.