GST Collection in February crosses Rs 1.30 Lakh Cr mark for the 5th time.

GST collection crossed Rs 1.30 lakh crore mark for the 5th time. Revenues in Feb 2022 18% are more than the GST revenues in a similar month last year and 26% more than the GST revenues in Feb 2020. During the month, revenue from import of goods was 38% higher and the revenues from the domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year.

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 20th January.

This is for the fifth time GST collection has crossed the ₹1.30 lakh crore mark. Since the implementation of GST, for the first time, GST cess collection crossed the ₹10,000 crore mark, which signifies the recovery of certain key sectors, especially, automobile sales.

Source:Business Standard