INSUBCONTINENT EXCLUSIVE:
NEW DELHI: At Rs 1.49 lakh crore, Indias items and services tax (GST) collection for the month of February jumped by 12%, year-on-year
In a main release, the financing ministry said that the cess gathered by the Centre last month was the highest given that application of
Of the total collection of Rs 1,49,577 crore, central items and services tax (CGST) is Rs 27,662 crore, state products and services tax
(SGST) is Rs 34,915 crore, incorporated goods and services tax (IGST) is Rs 75,069 crore (consisting of Rs 35,689 crore gathered on import
of goods) and Cess is Rs 11,931 crore (including Rs 792 crore collected on import of products)
Nevertheless, the collections lower than the second highest GST mop-up recorded in January at over Rs 1.57 lakh crore
The collection reached an all-time high of Rs 1.68 lakh crore in April 2022
During the month, profits from import of items was 6% higher and the profits from domestic deal (including import of services) are 15%
greater than the revenues from these sources throughout the same month last year, the release said
The federal government settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement
The overall profits of Centre and the states after routine settlements in the month of February is Rs 62,432 crore for CGST and Rs 63,969
In addition, Centre had actually likewise launched balance GST settlement of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore
to States/UTs which have sent out AG accredited figures for previous duration, the release noted
Normally, February being a 28 day month, witnesses a reasonably lower collection of income, the ministry stated.
