GST Collections: GST revenue jumps 12% in February to Rs 1.49 lakh crore; cess collection highest | India Business News

NEW DELHI: At Rs 1.49 lakh crore, India’s goods and services tax (GST) collection for the month of February jumped by 12%, year-on-year.
In an official release, the finance ministry said that the cess collected by the Centre last month was the highest since implementation of GST, at Rs 11,931 crore.
Of the total collection of Rs 1,49,577 crore, central goods and services tax (CGST) is Rs 27,662 crore, state goods and services tax (SGST) is Rs 34,915 crore, integrated goods and services tax (IGST) is Rs 75,069 crore (including 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).

However, 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, revenues from import of goods was 6% higher and the revenues from domestic transaction (including import of services) are 15% higher than the revenues from these sources during the same month last year,” the release said.
Meanwhile, the government settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the states after regular settlements in the month of February is Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST.
In addition, Centre had also released balance GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to States/UTs which have sent AG certified figures for previous period, the release noted.
“Normally, February being a 28 day month, witnesses a relatively lower collection of revenue,” the ministry said.