GST Revenues Cross Rs 1 lakh For Fifth Month In Row

The gross GST revenue collected in the month of February 2021 is Rs 1,13,143 crore of which CGST is Rs 21,092 crore, SGST is Rs 27,273 crore, IGST is Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and Cess is Rs 9,525 crore (including ₹ 660 crore collected on import of goods).

The government has settled Rs 22,398 crore to CGST and Rs 17,534 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of Centre and the States after regular settlement and ad-hoc settlement in the month of February 2021 is Rs 67,490 crore for CGST and Rs 68,807 crore for the SGST.

In line with the trend of recovery in the GST revenues over 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 was 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 Rs 1 lakh fifth time in a row and crossed Rs 1.1 lakh crore third time in a row post 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.

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