GST collection is Rs 1.13 lakh crore
New Delhi: GST collection for the third consecutive month in February crossed Rs 1.1 lakh crore. GST collection stood at Rs 1.13 lakh crore last month. The government released the figures on Monday. Of the total GST collection, the central GST is Rs 21,092 crore, the state GST Rs 27,273 crore and the combined GST Rs 55,253 crore. Yet other taxes are Rs. 9,525 crore (including tax on imports of Rs. 660 crore). As usual, the government has settled the central GST of Rs 22,398 crore and the state GST of Rs 17,534 crore from the joint GST. In addition, the Center has settled a joint GST of Rs. 48,000 crore between the Center and the States / Union Territories in the ratio of 50:50.
GST revenues have seen progress over the past five months. GST revenue for the month of February 2021 increased by 7% compared to last year. Revenue from goods imports grew by 15 per cent, while revenue from domestic transactions grew by 5 per cent. For the fifth month in a row, GST revenue crossed Rs 1.1 lakh crore, crossing the Rs 1.1 lakh crore mark for the third consecutive month. Revenue has dropped significantly since March last year due to the corona epidemic. However, there has been a growth in GST collection since October 2020. The government says this is a clear sign of economic progress and is the result of a number of reforms undertaken by the government.