Home Finance GST Collection Records 21% Growth

GST Collection Records 21% Growth

Bhubaneswar: Odisha Government has collected GST Revenue to an extent of Rs.4101 Crore in the month of February, while achieving 23 Percent growth over corresponding period of last year.

State Government had collected Rs. 3341 Crore during Febbruary, 2021 and in February 2022, it has collected Rs.760 Crore extra.

India has collected Gross GST revenue in the month of February 2022 Rs1,33,026 crore.

Out  of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods).

The Union Government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST.

The total revenue of Centre and the States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.

The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020.

During the month, revenues from import of goods were 38% higher and the revenues from 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 20 January.

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