Goods and Services Tax (GST) collections for the month of February crossed Rs 1 trillion mark for the fifth straight month and Rs 1.1 trillion mark for the third time in a row post the pandemic, the government said on Monday.
The gross GST revenue collected in February stood at Rs 1.13 trillion, an increase of over 7 per cent compared with the same month last year.
"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 per cent higher than the GST revenues in the same month last year," the government said.
Of the total gross collections, Central GST (CGST) is about Rs 21,092 crore, State GST (SGST) is at Rs 27,273 crore. Meanwhile, Integrated GST (IGST) collections stood at Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and cess at Rs 9,525 crore (including Rs 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 and union territories.
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.
During the month, revenues from import of goods was 15 per cent higher and the revenues from domestic transaction (including import of services) are 5 per cent higher than the revenues from these sources during the same month last year.
"This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance," the government said.