Yearly, the revenue figures for February stood 18 per cent higher against the same period last year.New Delhi: The revenue collections from goods and services tax (GST) fell by 5.64 per cent in February to Rs 1.33 lakh crore.
The GST mop-up had touched a record of Rs 1.40 lakh crore in January on the back of vaccination drive and lifting of pandemic-related curbs."The gross GST revenue collected in February 2022 is Rs 1,33,026 crore of which CGST (Central GST) is Rs 24,435 crore, SGST (State GST) is Rs 30,779 crore, IGST (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), a set of data released by the Finance Ministry showed.Yearly, the revenue figures for February stood 18 per cent higher against the same period last year."February, being a 28-day month, normally witnesses revenues lower than that in January.
This high growth during February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by various States due to the omicron wave," the Ministry stated."Since the implementation of GST, for the first time, GST cess collection crossed the Rs 10,000 crore mark, which signifies recovery of certain key sectors, especially, automobile sales," it added.GST collections have crossed the Rs 1.30 lakh crore mark for the fifth straight month.
Also, the collections stayed above Rs 1 lakh crore for the eighth consecutive month."In February, the government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST.
The total revenue of the Centre and the States in February 2022 after a regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST," the Finance Ministry further stated.