Govt collects Rs 1.33 lakh crore GST in February

Govt collects Rs 1.33 lakh crore GST in February, cess collection crosses Rs 10,000 cr for first time

02/03/2022
Keeping its robust collections intact, the government collected Rs 1,33,026 crore GST in the month of February.

This is the fifth time that the GST collection has crossed the Rs 1.3 lakh crore mark. The GST cess collection crossed the Rs 10,000 crore mark for the first time since its implementation.

The government had collected Rs 1.38 lakh crore in January.

The CGST collection stood at Rs 24,435 crore, SGST at Rs 30,779 crore, IGST at Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess at Rs 10,340 crore.

"The revenue for the month of February 2022 is 18% higher than the GST revenue in the corresponding month of the previous year and 26% higher than the GST revenue in February 2020. During the month, the revenue from import of goods was 38% higher. And in the official release It is observed that the revenue from domestic transactions (including import of services) is 12% higher than the revenue from these sources during the corresponding month of the previous year.

The government has fixed Rs 26,347 crore in CGST and Rs 21,909 crore in SGST from IGST. The total revenue of Center and States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for SGST.

The revenue jump comes despite the restrictions that were put in place in the wake of the spike in COVID cases due to Omicron.

The robust collection points to the fact that the third wave may not have dented much of the economic activity in the fourth quarter.

“GST revenue in February 2022 remained resilient as expected, as the third wave had limited impact on industrial activity and GST e-way bill generation in January 2022. With strong growth in GST e-way bill generation in February 2022, we are looking at a gradual We expect an increase in GST revenue in the current month.

Moreover, CGST revenues are likely to exceed the Government of India's FY2022 RE by up to Rs. 0.3 trillion, complementing the anticipated overshooting in direct taxes," Aditi Nayar, chief economist, ICRA, said.

Team Edu-Visor