• Notification Date: 03-03-2022
  • Notification No: N/A

GST Collection for February Rises by 18% for the Fifth Time

Goods and Services Tax (GST) collections rises to cross the limit of Rs.1.30 lakh crore for the fifth time in February. The official report came out on Tuesday by the ministry of finance.

The amount of revenue crosses Rs.1,33,026 crore in the month of February. The amount of tax is 18 per cent higher than that collected in the month of February 2021. The revenue collected in the last year of February was Rs.1,13,143 crore. The amount of tax collected in February 2022 is 26 per cent higher than that collected in the month of February 2020.

The tax collection in February 2022 has been lower than expectated due to the Omicron wave that affected the country. The collection was lower than the record tax collection of Rs.1,40,986 crore in January 2022.

Out of the total amount of GST collected in the month of February 2022, SGST is Rs.30,779 crore and IGST is Rs.67,471 crore which includes Rs.33,837 crore of tax collection made on import of goods. The amount of cess is Rs.10,340 crore which includes Rs.638 crore of import of goods collections. It has been the record amount of cess collection since the introduction of GST. It crossed the benchmark of Rs.10,000 crore. Such a high collection of cess signifies the recovery of the key sectors like automobile sales.

After the regular statement, the revenue collected by the Centre and the State Governments in February 2022 is Rs.50,782 crore for CGST and Rs.52,688 crore for the SGST.

According to the statement of the Ministry of Finance, the revenue collected in the month of February is usually lower than January and the other months since it is a month consisting of 28 days.