GST Collection For February Crosses Rs 1.3 Lakh Crore
The government's goods and service tax revenue collection continued to stay above Rs 1 lakh crore.
The GST revenue for January (collected in February) stood at Rs 1,33,026 crore, according to a statement by the Finance Ministry. The revenue has surpassed Rs 1.3 lakh for the fifth time since March 2021.
The month's revenue collections are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020, but remain lower than last month (January 2022) which was at Rs 1,40,986, as announced by the Finance Minister Nirmala Sitharaman in her Budget speech.
February witnesses lower collections owing to the fewer number of calendar days. Other contributing factors include partial lockdowns, weekend and night curfews and various restrictions that were put in place by various states due to the omicron wave, which peaked around Jan. 20, according to the statement.
Break-Up Of GST Collections
* Central GST: Rs 24,435 crore.
* State GST: Rs 30,779 crore.
* Integrated GST: Rs 67,471 crore, including Rs 33,837 crore collected on import of goods.
* Cess: Rs 10,340 crore, including Rs 638 crore collected on import of goods.
It is important to note that though the GST compensation cess levy has been extended till 2026, the compensation to states will end in July 2022.
State-wise Collections
GST collections rose the most over the preceding year in Odisha from Rs 3,341 crore in February 2021 to Rs 4,101 crore in February 2022 at 23%. Other states like Maharashtra and Karnataka also recorded 21% GST revenue growth respectively for the same period.
Among other states, Punjab, Chhattisgarh, Kerala, Andhra Pradesh also recorded double digit revenue growths.
Lakshwadeep, Ladakh, Meghalaya, Manipur recorded the highest growth percentage albeit from smaller bases.
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