Good news for the government, GST collection crosses 1.33 lakh crore in February

The Finance Ministry on Tuesday said that the GST collection in February grew by 18 per cent year-on-year to over Rs 1.33 lakh crore. In February, collections were hit by the third wave of the COVID-19 virus. Significantly, the GST collection in January 2022 was Rs 1,40,986 crore. Thus, the collection of February was less than the previous month.

“The Gross GST revenue in February 2022 stood at Rs 1,33,026 crore, including Central GST Rs 24,435 crore, State GST Rs 30,779 crore, Integrated GST Rs 67,471 crore (including Rs 33,837 crore collected on import of goods),” the ministry said in a statement. ) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods).

The GST collection for February 2022 is 18 per cent higher than the corresponding period of the previous year and the GST collection for February 2020 is 26 per cent higher. The ministry said that being a 28-day month, generally February gets less revenue than January.