GST collection for February up by 18% at over Rs 1.33 lakh crore

GST collections in February stood at over Rs 1.33 lakh crore, an 18 per cent growth from last year for the same month, the Finance Ministry has said.

The GST (Goods and Services Tax) collection for February 2022 at Rs. 1,33,026 crore was 18 per cent higher than the same month last year, the Finance Ministry has said. The collection was 26 per cent higher than the GST collection in February 2020.

This is the fifth time that the GST collection crossed the Rs 1.30-lakh-crore mark. Since the implementation of the GST, for the first time, GST cess collection crossed the Rs 10,000-crore mark, which signifies recovery of certain key sectors, especially, automobile sales.

Read: GST collection touches Rs 1 lakh crore-mark in July, second-highest this fiscal

The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which Central GST is Rs 24,435 crore, State GST is Rs 30,779 crore, Integrated GST is Rs 67,471 crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods).

During this month, revenues from the import of goods saw an increase of 38 per cent and the revenues from domestic transactions (including import of services) were up by 12 per cent.

Lakshadweep has seen the highest jump in GST collection. There was a whopping 74 per cent rise in GST from February 2021 to February 2022. This was followed by Ladakh which saw a 72 per cent rise in the collection.

The ministry said February, being a 28-day month, normally witnesses revenues lower than in January.