February GST revenue rises 12% to Rs. 1.50 lakh crore

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New Delhi : India’s gross GST revenue for the month of February grew by 12% (YoY) to Rs. 1,49,577 crore, out of which CGST is Rs. 27,662 crore, SGST is Rs. 34,915 crore, IGST is Rs. 75,069 crore (including Rs. 35,689 crore collected on import of goods) and Cess is Rs. 11,931 crore (including Rs. 792 crore collected on import of goods), according to Finance Ministry data.

In February 2022 the monthly GST collection was Rs. 1,33,026 crore.

The government has settled Rs. 34,770 crore to CGST and Rs. 29,054 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of February 2023 is Rs. 62,432 crore for CGST and Rs. 63,969 crore for the SGST. In addition, Centre had also released balance GST compensation of Rs. 16,982 crore for the month of June 2022 and Rs. 16,524 crore to States/UTs which have sent AG certified figures for previous period.

During the month, revenues from import of goods was 6% higher and the revenues from domestic transaction (including import of services) are 15% higher than the revenues from these sources during the same month last year. This month witnessed the highest cess collection of Rs. 11,931 crore since implementation of GST. Normally, February being a 28 day month, witnesses a relatively lower collection of revenue.

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