GST collection increased by 7 per cent
Total collection tops Rs 1.13 lakh crore in February
NEW DELHI: The monthly Goods and Services Tax (GST) collection stood at over Rs 1.13 lakh crore in February. This shows an increase of seven per cent on an annual basis.
February was the fifth consecutive month when GST collection was more than Rs one lakh crore. This indicates economic recovery. This information has been given in the data released by Finance Ministry on Monday.
Total GST collected in the first month of this calendar was 1,19,875 crore. However, (GST) in February is lower than in January 2021. A statement issued by the Finance Ministry said, “In February, a total of Rs. 1,13,143 crore was collected through GST. It includes Rs 21,092 crore as CGST, Rs 27,273 crore as SGST, Rs 55,253 crore as IGST (including a collection of Rs 24,382 crore as import duty on goods), Rs 9,525 crore as cess (Including cess collected on import of goods). ”
The ministry said that the process of recovery in GST revenue has been going on for the last five months and the GST collection has registered an increase of seven per cent in February this year as compared to last year.
The Finance Ministry has said that in February this year, there was an increase of 15 per cent in the revenue from import of goods as compared to the same month last. At the same time, domestic transactions (including import of services) registered an increase of five per cent.