Goods and Service Tax (GST) collections for February 2021 stood at Rs.1,13,143 crore. The GST collections crossed Rs.1 lakh crore for the fifth consecutive month and crossed Rs.1.1 lakh crore for the third consecutive month.
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The Integrated GST (IGST) includes an amount of Rs.24,382 crore collected on import of goods, and the Cess includes Rs.660 crore collected on import of goods.
The ministry also stated that the government had settled Rs.22,398 crore to CGST and Rs.17,534 crore to SGST from IGST as a regular settlement. Also, the Centre has settled Rs.48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/Union Territories (UTs). After all the settlements, the Centre and the States’ total revenue for February 2021 is Rs.67,490 crore for CGST and Rs.68,807 crore for the SGST.
The GST collections are in a continuous trend of more than Rs.1 lakh crore per month. Even though the GST revenues collected in February 2021 month is slightly less than the GST collections in previous months, the GST collections for January 2021 were Rs.1,19,875 crore. However, the collections for this month are 7% higher when compared to February 2020 GST collections.
The Finance Ministry states that the GST collections improvement post-pandemic situation is a clear indication of economic recovery. Also, the tax administration’s various measures to improve compliance led to increased GST collections.
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DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.