consultantsreview logo

Consultants Review Magazine

GST collections in February rose to 7.4 per cent and tops Rs 1 lakh crore for 5th straight month

Goods and services tax (GST) collections in February (for sales in January) rose 7.4 per cent year-on-year to Rs 1,13,147 crore. Though lower than Rs 1,19,875 crore collected the previous month, the February mop-up is the fifth consecutive month of GST collections which has breached the Rs 1-lakh-crore mark, which is seen as a sign of pickup in economic activity along with compliance measures and action against tax evaders making use of data analytics by the GST authorities.

The Finance Ministry said the GST revenues crossed Rs 1.1 lakh crore for third time in a row post-pandemic. “This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance,” it said.

GST collections had plummeted to a record low of Rs 32,172 crore in April, following the lockdown in the wake of Covid-19. Of the Rs 1,13,143 crore GST revenues in February, Central GST (CGST) is Rs 21,092 crore, State GST (SGST) is Rs 27,273 crore, Integrated GST (IGST) is Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and Cess is Rs 9,525 crore (including Rs 660 crore collected on import of goods), the statement said.

The government settled Rs 22,398 crore to CGST and Rs 17,534 crore to SGST from IGST as regular settlement

The Centre did not provide the number of GSTR-3B summary returns filed in February, which had stood at 90 lakh in January. Also, there is no breakup for the revenue accruing from economic activity and anti-evasion measures. The government settled Rs 22,398 crore to CGST and Rs 17,534 crore to SGST from IGST as regular settlement. After this, the total revenue earned by the Centre is Rs 67,490 crore as CGST and by states is Rs 68,807 crore as SGST, the Finance Ministry said.

 

Magazine Current Issue