GST: Govt collects Rs 1.33 lakh crore GST in February, cess collection crosses Rs 10,000 cr for first time

This is the fifth time that the GST collection has crossed the Rs 1.3 lakh crore mark. The GST cess collection crossed the Rs 10,000 crore mark for the first time since its implementation.

The government had collected Rs 1.38 lakh crore in January.

“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 was 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,” the official release said.

The 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 revenue jump comes despite the restrictions that were put in place in the wake of the spike in COVID cases due to Omicron.

The robust collection points to the fact that the third wave may not have dented much of the economic activity in the fourth quarter.