SunstarTV Bureau: The monthly Goods and Services Tax (GST) collection crossed Rs 1 lakh crore mark for the fifth time in a row in February. GST collection rose 7 per cent year-on-year to Rs 1.13 lakh crore in the month.
“In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year,” the Finance Ministry said.
Of the Rs 1.13 lakh crore collected in February, Rs 21,092 crore was Central GST (CGST), Rs 27,273 crore was State GST (SGST) and Rs 55,253 crore was Integrated GST (IGST). The amount collected through cess stood at Rs 9,525 crore, including Rs 660 crore collected on import of goods.
The monthly GST collection crossed Rs 1 lakh crore mark for the fifth time in a row and Rs 1.1 lakh crore mark for the third straight month. “This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance,” the ministry said.
The government has settled Rs 22,398 crore to CGST and Rs 17,534 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states/union territories
“The total revenue of Centre and the states after regular settlement and ad-hoc settlement in the month of February 2021 is Rs 67,490 crore for CGST and Rs 68,807 crore for the SGST,” the release said.
During February, revenue from import of goods was 15 per cent higher from the year-ago month, while revenue from domestic transaction (including import of services) was 5 per cent higher.
