According to government data released on Tuesday, the revenue from the Goods and Services Tax (GST) increased by 18% year on year to Rs 1.33 lakh crore in February.
According to data released by the Ministry of Finance, gross GST revenue in February 2022 was Rs 1,33,026 crore, with CGST at Rs 24,435 crore, SGST at Rs 30,779 crore.
IGST at Rs 67,471 crore (including Rs 33,837 crore collected on import of goods), and cess at Rs 10,340 crore (along with Rs 638 crore collected on import of goods).
Revenues from imports of products were 38 percent higher and revenues from domestic transactions (including imports of services) were 12 percent higher in the month under review than in the same month the previous year.
“February being a 28-day month, revenues are typically lower than in January. This high growth in February 2022 should be viewed in the context of partial lockdowns,
weekend and night curfews, and other restrictions imposed by various States in response to the omicron wave, which peaked around January 20th, 2022,” the Finance Ministry said.
GST revenue has now surpassed Rs 1.30 lakh crore for the fifth time.
For the first time since the implementation of GST, GST cess collection has surpassed Rs 10,000 crore, indicating a recovery in certain key sectors, particularly automobile sales.
The government paid Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST in February.
After a regular settlement, the total revenue of the Centre and the States in February 2022 is Rs 50,782 crore for the CGST and Rs 52,688 crore for the SGST.
