Home Finance GST Collection Gets 20 % Rise

GST Collection Gets 20 % Rise

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Bhubaneswar: State has been able to collect Gross GST revenue to an extent of Rs.3340.57 crore during February-2021 and registered a growth of 20 per cent over the corresponding period of 2020.

While during February-2020, Odisha had collected Gross GST Revenue worth Rs.2790.16 Crore, despite COVID-19 Pandemic, the State has been able to collect more during the month, officials say.

The gross GST revenue collected in the country in the month of February is Rs. 1,13,143 crore of which CGST is Rs. 21,092 crore, SGST Rs. 27,273 crore, IGST Rs. 55,253 crore (including Rs. 24,382 crore collected on import of goods) and Cess Rs.9,525 crore (including Rs. 660 crore collected on import of goods).

The Union Government has settled Rs.22,398 crore to CGST and Rs. 17,534 crore to SGST from IGST as regular settlement.

In addition, the Centre has also settled Rs. 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.

The total revenue of Centre and the States after regular settlement and ad-hoc settlement in the month of February 2021 is Rs. 67,490 crore for CGST and Rs. 68,807 crore for the SGST.

In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7% higher than the GST revenues in the same month last year.

During the month, revenue from import of goods was 15 per cent higher and the revenues from domestic transaction (including import of services) are five per cent higher than the revenues from these sources during the same month last year.

The GST revenues crossed Rs 1 lakh mark fifth time in a row and crossed Rs 1.1 lakh crore for the third time in a row post pandemic despite this being revenue collection of the month of February.

 This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance, said officials.

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