GST Collection Rises 12% to INR 1.49 lakh Crore in Feb 2023

The amount of GST collected in India for the month of February increased 12% year on year to Rs 1.49 lakh crore.

According to an official statement from the finance ministry, at Rs 11,931 crore, the cess collected by the centre last month was the highest since the introduction of the GST.

From the total collection of Rs 1,49,577 cr, Rs 27,662 crore is the central goods and services tax (CGST) state goods and services tax (SGST) stands at Rs 34,915 crore, integrated goods and services tax (IGST) is Rs 75,069 crore (along with Rs 35,689 crore collected on import of goods) and Cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods).

The collections, however, fell short of the second-highest GST mop-up, which was over Rs 1.57 lakh crore in January. In April 2022, the total revenue reached its all-time high of Rs 1.68 lakh crore.

“During the month, GST revenues from import of goods were 6% higher and the revenues from the domestic transaction (including import of services) are 15% higher than the revenues from these sources during the same month last year,” a tax expert stated.

Read Also: January 2023 GST Revenue Crosses INR 1.55 Lakh Crore

In the meanwhile, the government made a regular settlement of Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST.

After regular settlements in the month of February, the total revenue for the Centre and the States is Rs 62,432 crore for the Central GST and Rs 63,969 crore for the SGST.

Moreover, the announcement stated that the Center has distributed the remaining GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to States/UTs that had submitted AG-certified numbers for the prior period.

“Normally, February being a 28-day month, witnesses a relatively lower collection of revenue,” the ministry stated.