According to data released by the Ministry of Finance, GST collections in February stand at over Rs 1.33 lakh crore. February 2022 GST collections data is up 18% year over year.
According to the Ministry of Finance, “The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471 crore (including Rs 33,837 crore collected on importation of goods) and the tax is Rs 10,340 crore (including Rs 638 crore collected on importation of goods).”
“Government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. crore for the SGST,” the finance ministry said.
“Revenues for the month of February 2022 are 18% higher than the GST revenues for the same month last year and 26% higher than the GST revenues in February 2020. During the month, the revenues of the imports of goods were 38% higher and domestic transaction income (including import of services) is 12% higher than income from these sources in the same month last year,” added the Ministry of Finance.
Strong growth even in February
The Ministry of Finance says: “February, being a 28-day month, normally sees lower revenues than January. This strong growth in February 2022 must also be seen in the context of partial shutdowns, weekend and night curfews and various restrictions that have been put in place by different states due to the omicron wave, which has peaked around January 20.
GST collection crossed the Rs 1.30 lakh crore mark for the 5th time
This is the fifth time that GST collection has crossed the Rs 1.30 lakh crore mark. Since the implementation of GST, for the first time, GST tax collection has crossed the 10 mark 000 crores of rupees, which signifies the recovery of some key sectors, especially auto sales.
The table below shows the trends in gross monthly GST revenue over the current year. The table shows the state-by-state figures for the GST collected in each state during the month of February 2022 compared to February 2021.