GST Revenue Collection of Rs.1,49,577 crore in month of February 2023; 12% Higher than Last year

The gross GST revenue collected in 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 (including Rs.35,689 crore collected on import of goods) and Cess is Rs.11,931 crore (including ₹792 crore collected on import of goods)

The government has made a regular settlement of Rs.34,770 crore to the CGST and Rs.29,054 crore to the SGST from the IGST. After monthly settlements in the month of February 2023, the combined income of the Centre and the States is Rs.62,432 crore for the CGST and Rs.63,969 crore for the SGST. A total of Rs.16,982 crores in remaining GST compensation for the month of June 2022 as well as Rs.16,524 crores for States and UTs that submitted AG-certified numbers for a prior period were also released by the Centre.

The revenues for the month of February 2023 are 12% higher than the GST revenues in the same month last year, which was Rs. 1,33,026 crore. During the month, revenues from import of goods was 6% higher and the revenues from domestic transaction (including import of services) are 15% higher than the revenues from these sources during the same month last year. This month witnessed the highest cess collection of Rs.11,931 crore since implementation of GST. Normally, February being a 28 day month, witnesses a relatively lower collection of revenue.

The graph below illustrates the yearly trends in monthly gross GST receipts. The table compares the state-by-state GST collection totals for each State in February 2023 versus February 2022.

State-wise growth of GST Revenues during February 2023