February GST kitty swells by 12 per cent to Rs 1.49 lakh crore
NEW DELHI: Goods and Services Tax (GST) collections rose 12 per cent to more than Rs 1.49 lakh crore in February as domestic economic activities and consumer spending on high-end goods gained momentum.
However, the collections are lower than January mop up of Rs 1.58 lakh crore, which was also the second highest monthly revenue figure since the rollout of GST on July 1, 2017.
“Rs 1,49,577 crore gross GST revenue collected in February 2023; 12 per cent higher than GST revenue in same month last year,” the finance ministry said in a statement on Wednesday.
Generally, February being a 28-day month, witnesses a relatively lower collection of GST revenue, the ministry said. During the month, revenues from domestic transaction (including import of services) were 15 per cent higher while revenues from import of goods was 6 per cent higher compared to the same month last year. KPMG in India Partner, Indirect Tax, Abhishek Jain said this indicates a growing self reliance within the domestic market and is a positive sign for the Indian economy.
As per the ministry data, out of the gross GST revenue, Central GST was Rs 27,662 crore, State GST was Rs 34,915 crore, Integrated GST was Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) and Cess was Rs 11,931 crore (including Rs 792 crore collected on import of goods).
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android