GST collection rises by 12% to Rs 1.49 lakh cr in Feb

New Delhi: Goods and Services Tax (GST) collections rose by 12 percent to more than Rs 1.49 lakh crore in February as domestic economic activities and consumer spending on high-end goods gained momentum. However, the collections are lower than January mop up of Rs 1.58 lakh crore, which was also the second highest monthly revenue figure since the rollout of GST on July 1, 2017.

Rs 1,49,577 cr gross GST revenue has been collected in Feb 2023

"Rs 1,49,577 crore gross GST revenue has been collected in February 2023 which is 12 percent higher than GST revenue in same month last year," the finance ministry said in a statement on Wednesday. Generally, February being a 28-day month, witnesses a relatively lower collection of GST revenue, the ministry said. During the month, revenues from domestic transaction (including import of services) were 15 percent higher while revenues from import of goods was six percent higher compared to the same month last year.

Monthly GST revenue has remained at more than Rs 1.4 lakh cr for 12 months

As per the ministry's data, out of the gross GST revenue, central GST was Rs 27,662 crore, state GST was Rs 34,915 crore, integrated GST was Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) and cess was Rs 11,931 crore (including Rs 792 crore collected on import of goods). The cess collection of Rs 11,931 crore was the highest since implementation of GST. The monthly GST revenue has remained at more than Rs 1.4 lakh crore for 12 months in a row, including February.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)