GST revenues up by 26% in February over pre-COVID-19 level
The Hindu
Monthly collections cross ₹1.3 lakh crore for fifth time
The Gross Goods and Services Tax (GST) revenue in February was 26% higher than pre-pandemic levels at ₹1,33,026 crore, the Finance Ministry said.
The collections are 18% higher than February 2021 and mark the fifth time that GST revenues have crossed ₹1.30 lakh crore since its launch in July 2017.
Revenues from import of goods were 38% higher year-on-year, while revenues from domestic transaction (including import of services) were 12% higher than the revenues from these sources during February 2021.
GST Compensation Cess collections crossed ₹10,000 crore in a month for the first time in February, which the Finance Ministry said 'signifies recovery of certain key sectors, especially, automobile sales'. The cess collections in February were ₹10,340 crore, and included ₹638 crore collected on import of goods.
GST revenues hit a record figure of nearly ₹1.41 lakh crore in January, compared to which February’s collections, reflecting transactions undertaken in January, have moderated by 5.65%.
Seeking to emphasise the significance of these collections, the Ministry pointed out that ‘being a 28-day month, February normally witnesses revenues lower than that in January’.
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