NewDelhi : After touching 1.2 lakh crore in January, India’s Goods and Service Taxes (GST) revenue has dropped by 5.5 per cent to 1.13 lakh crore in February. However, on Year on Year basis, the GST collection has increased by 7 per cent, as against Rs.1.0 lakh crore in February 2020.
According to the data released by the finance ministry, the gross GST revenue collected in the month of February 2021 is Rs. 1,13,143 crore of which CGST is Rs. 21,092 crore, SGST is Rs. 27,273 crore, 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).
Monthly GST collection has crossed the Rs.1 lakh mark for the fifth time in a row and and crossed Rs. 1.1 lakh crore third time in a row post pandemic.
The government has settled Rs. 22,398 crore to CGST and Rs. 17,534 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs. 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of Centre and the States after regular settlement and ad-hoc settlement in the month of February 2021 is Rs. 67,490 crore for CGST and Rs. 68,807 crore for the SGST.
During the month, revenues from import of goods was 15% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year.