GST recovery continues for fifth month, ₹1.13 lakh crore collected in February

The gross Goods and Services Tax (GST) revenue collected in February stands at  ₹1,13,143 crore, 7% higher than the revenue in the same month last year. This is in line with the trend of recovery in the GST revenues over the past five months, said the government on Monday (March 1).

According to a government release, of the total 1.13 lakh crore amount, CGST is  ₹21,092 crore, SGST is ₹27,273 crore, IGST is ₹55,253 crore (which includes ₹24,382 crore collected on import of goods) and cess is ₹9,525 crore (including ₹660 crore collected on import of goods).

The government further said it has settled ₹22,398 crore to CGST and ₹17,534 crore to SGST from IGST as regular settlement.

“In addition, the Centre has also settled ₹48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states/UTs,” it said, adding that the total revenue of Centre and the states after regular settlement and ad-hoc settlement in February is ₹67,490 crore for CGST and ₹68,807 crore for the SGST.

“In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7% higher than the GST revenues in the same month last year,” the release said.

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The government said that during the month, revenues from import of goods were 15% higher and from domestic transactions (including import of services) were 5% higher than revenues from these sources during the same month last year.

The GST revenues crossed ₹1 lakh crore for the fifth time in a row and ₹1.1 lakh crore third time in a row after the pandemic, said the government release. It said that this is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance.