GST collection for February up 12% y-o-y at Rs1,49,577 crore
08 Mar 2023
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Gross GST revenue collection in February 2023 stood at Rs1,49,577 crore, which included CGST of Rs27,662 crore, SGST of Rs34,915 crore, IGST of Rs75,069 crore (including Rs35,689 crore collected on import of goods) and cess of Rs11,931 crore (including Rs792 crore collected on import of goods)
The government has allocated Rs34,770 crore to CGST and Rs29,054 crore to SGST from IGST as regular settlement. The total revenue of centre and the states after regular settlements in February 2023 is Rs62,432 crore for CGST and Rs63,969 crore for SGST. The centre had, meanwhile, released balance GST compensation of Rs16,982 crore for June 2022 to states/UTs that have sent AG certified figures for previous period.
The collection of goods and services tax (GST) slipped below the Rs1.5-trillion mark in February, a month after touching the second-highest figure.
The mop up of Rs1,49,577 crore in February is 5.1 per cent lower than the figure achieved in the previous month. In January, the GST mop up was over Rs1,57,000 crore, the second highest after Rs1,68,000 crore plus in April of the current fiscal.
The ministry attributed the sequential dip in collection to February being a 28-day month.
However, the revenues for the month of February 2023 are 12 per cent higher than the GST revenues in the same month last year, which was Rs1,33,026 crore. During the month, revenues from import of goods was 6 per cent higher and the revenues from domestic transaction (including import of services) are 15 per cent higher than the revenues from these sources during the same month last year. This month witnessed the highest ever cess collection of Rs11,931 crore. Normally, February being a 28 day month, witnesses a relatively lower collection of revenue.
Also, the monthly GST revenues remained over Rs1.40,000 crorte for 12 straight months, the finance ministry said on Wednesday while releasing the provisional data.
