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February GST collections at Rs 1.33 lakh crore, down 5.6% from January

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At Rs 10,340 crore, the GST compensation cess collected in February is the highest ever, crossing the Rs 10,000-crore mark for the first time. The finance ministry said this indicated a recovery in certain key sectors, such as automobiles.

GST collection rises 7% to Rs 1.13 lakh crore in February - BusinessToday

Goods and Services Tax (GST) collections for February declined to Rs 1.33 lakh crore, down 5.6 percent from the first month of 2022, data released on March 1 by the finance ministry showed.

Of the total, Central GST was Rs 24,435 crore, State GST was Rs 30,779 crore, Integrated GST was Rs 67,471 crore, and compensation cess was Rs 10,340 crore.

Also Read: No adversarial relationship between Centre and states on GST: FM Sitharaman

In February, the government settled Rs 26,347 crore to Central GST and Rs 21,909 crore to State GST from Integrated GST. As such, the total revenue for the month post settlement was Rs 50,782 crore for the Centre and Rs 52,688 crore for State GST.

"February, being a 28-day month, normally witnesses revenues lower than that in January. This high growth during February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by various States due to the omicron wave, which peaked around January 20," the finance ministry said in a statement.

While total GST collections declined sequentially last month, they were up 17.6 percent from February 2021. This is also the eighth month in a row that total GST mop-up has come in above the Rs 1-lakh-crore mark.

TREND IN TOTAL GST COLLECTIONS
MonthAmount (in Rs crore)YoY change (in %)
February 20221,33,02617.6%
January 20221,40,98617.6%
December 20211,29,78012.7%
November 20211,31,52625.3%
October 20211,30,12723.7%
September 20211,17,01022.5%
August 20211,12,02029.6%
July 20211,16,39333.1%
June 202192,8002.1%

The GST compensation cess collected in February is the highest ever, crossing the Rs 10,000-crore mark for the first time. The finance ministry said this indicated a recovery in certain key sectors, such as automobiles.

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