In accordance with knowledge launched by Finance Ministry, GST collections in February stand at over Rs 1.33 lakh crore. The GST Collections Information February 2022 is up 18 per cent year-on-year.
As per the Ministry of Finance, “The gross GST income collected within the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (together with Rs 33,837 crore collected on import of products) and cess is Rs 10,340 crore (together with Rs 638 crore collected on import of products).”
“The federal government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. The full income of Centre and the States within the month of February 2022 after common settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST,” the Ministry of Finance stated.
18% greater
“The revenues for the month of February 2022 are 18% greater than the GST revenues in the identical month final yr and 26% greater than the GST revenues in February 2020. Throughout the month, revenues from import of products was 38% greater and the revenues from home transaction (together with import of providers) are 12% greater than the revenues from these sources throughout the identical month final yr,” the Ministry of Finance added.
Excessive development even in Feb
The Ministry of Finance says, “February, being a 28-day month, usually witnesses revenues decrease than that in January. This excessive development throughout February 2022 must also be seen within the context of partial lockdowns, weekend and night time curfews and varied restrictions that had been put in place by varied States because of the omicron wave, which peaked round twentieth January.”
GST assortment crossed Rs 1.30 lakh crore mark for the fifth time
That is for the fifth time GST assortment has crossed Rs 1.30 lakh crore mark. Since implementation of GST, for the primary time, GST cess assortment crossed Rs 10,000 crore mark, which signifies restoration of sure key sectors, particularly, vehicle gross sales.
The chart beneath exhibits traits in month-to-month gross GST revenues throughout the present yr. The desk exhibits the state-wise figures of GST collected in every State throughout the month of February 2022 as in comparison with February 2021.
