The Centre has collected over Rs 1.33 lakh crore in GST in the month of February, an 18 per cent growth over the year-ago period. However, the collection was 5.6 per cent lower compared to the record Rs 1,40,986 crore netted in January.
The gross GST revenue collected in 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).
The revenues for the month of February 2022 are 18 per cent higher than the GST revenues in the same month last year and 26 per cent higher than the GST revenues in February 2020.
“During the month, revenues from import of goods was 38 per cent higher and the revenues from domestic transaction (including import of services) are 12 per cent higher than the revenues from these sources during the same month last year,” the official release said.
The ministry added February, being a 28-day month, normally witnesses revenues lower than in January. This growth in February should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by many states due to the omicron wave, which peaked around 20th January, it added.
MS Mani, Partner, Deloitte India said, “GST collections exceeding Rs 1.33 lakh crore, despite the challenging pandemic situation in January indicates that the collections are now on a stable trajectory and the FY22 targets would be exceeded.”
Mani noted that there still is significant divergence amongst states with increases in the range of 2 per cent to 23 per cent amongst the large states.
