New Delhi: The government has announced the figures of Goods and Services Tax (GST) collection for the month of February 2021.
According to the government figures, the gross GST revenue collected in the month of February 2021 is ₹1,13,143 crore of which CGST is ₹21,092 crore, SGST is ₹27,273 crore, IGST is ₹55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹9,525 crore (including ₹660 crore collected on import of goods).
The government has settled ₹22,398 crore to CGST and ₹17,534 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled ₹48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of the Centre and the States after regular settlement and ad-hoc settlement in the month of February 2021 is ₹67,490 crore for CGST and ₹ 68,807 crore for the SGST.
In line with the trend of recovery in the GST revenues over the past five months, the revenues for the month of February 2021 are 7% higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 15% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year.
The GST revenues crossed ₹1 lakh for the fifth time in a row and crossed ₹1.1 lakh crore third time in a row post the coronavirus pandemic despite this being revenue collection of the month of February. This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance.