GST Collection Crossed Rs 1.30 Lakh Crore Mark for the 5th Time

GST Collection Crossed Rs 1.30 Lakh Crore Mark for the 5th Time In February 2022, gross GST income was Rs 1,33,026 crore, with CGST at Rs 24,435 crore, SGST at Rs 30,779 crore, IGST at Rs 67,471 crore (including Rs 33,837 crore collected on goods imports), and cess at Rs 10,340 crore (including Rs 638 crore collected on import of goods). From IGST, the government has paid Rs 26,347 crore to CGST and Rs 21,909 crore to SGST. After normal settlement, the total revenue of the Centre and the States in February 2022 is Rs 50,782 crore for the CGST and Rs 52,688 crore for the SGST. The GST revenues in February 2022 are 18% higher than the same month last year and 26% higher than the GST revenues in February 2020. Revenues from imports of products were 38 percent higher during the month, while revenues from domestic transactions (including imports of services) were 12 percent higher than in the same month the previous year. Because February is a 28-day month, revenues are typically lower than in January. This rapid growth in February 2022 should be viewed in light of partial lockdowns, weekend and night curfews, and other limitations imposed by several states in response to the omicron wave, which peaked on January 20th. GST revenue has already surpassed Rs 1.30 lakh crore for the fifth time. For the first time since the implementation of GST, GST cess collection has surpassed Rs 10,000 crore, indicating a rebound in certain critical industries, particularly vehicle sales. The graph below depicts monthly gross GST income trends for the current fiscal year. The table compares the amount of GST collected in each state in February 2022 versus February 2021.

State-wise growth of GST Revenues during February 2022