Edited By: Mohammad Haris
Last Updated: March 01, 2023, 15:17 IST
The GST income in February is, nonetheless, decrease than the second-highest GST assortment recorded in January at over Rs 1.57 lakh crore.
February 2023 witnesses the very best cess assortment of Rs 11,931 crore because the implementation of GST in 2017
GST collections in February 2023 rose 12 per cent to over Rs 1.49 lakh crore, the finance ministry stated on Wednesday. The month witnessed the very best cess assortment of Rs 11,931 crore because the implementation of GST in 2017.
The GST income in February is, nonetheless, decrease than the second-highest GST assortment recorded in January at over Rs 1.57 lakh crore. The assortment reached an all-time excessive of Rs 1.68 lakh crore in April 2022.
“The gross GST income collected within the month of February 2023 is Rs 1,49,577 crore of which CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (together with Rs 35,689 crore collected on import of products) and cess is Rs 11,931 crore (together with Rs 792 crore collected on import of products),” the ministry said in a statement.
The revenues for the month of February 2023 are 12 per cent higher than the GST revenues in February 2022, which was Rs 1.33 lakh crore. Normally February, being a 28-day month, witnesses a relatively lower collection of revenue, the ministry said.
Abhishek Jain, partner (indirect tax) at KPMG in India, said, “Monthly GST collection of 1.5 lakh crore was expected to be the new normal, and this has been validated by GST collections for the month of February 2023. Another interesting data point is 15 per cent higher revenue collections from domestic transactions (including import of services) vis a vis 6 per cent higher collections from import transactions, when compared to collections of February month last year. This indicates a growing self reliance within the domestic market and is a positive sign for the Indian economy.”
The authorities has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as common settlement. The whole income of Centre and the States after common settlements within the month of February 2023 is Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST. In addition, Centre had additionally launched steadiness GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to states/UTs which have despatched AG licensed figures for earlier interval.
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