As the Kovid restrictions are being eased, the government’s earnings are increasing. Even in the month of February, the government’s income from GST collection has exceeded Rs 1.30 lakh crore. This is the fifth time that the government has received more than Rs 1.30 lakh crore in the form of GST collection in February. If experts are to be believed, this is a good sign for the government, and there is also evidence that now the tendency of people to pay taxes is increasing. Let us also tell you how the government has earned after all.
government revenue
In the month of February 2022, Gross GST Revenue has been seen at 1,33,026 crores. This includes CGST Rs 24,435 crore, SGST Rs 30,779 crore, IGST Rs 67,471 crore (including Rs 33,837 crore collected on import of goods) and Rs 10,340 crore as cess (including Rs 638 crore collected on import of goods). The government has settled Rs 26,347 crore in CGST and Rs 21,909 crore in SGST from IGST. The total revenue of Center and States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for SGST.
26 percent growth in two years
The GST revenue in the month of February 2022 is 18 per cent higher than the GST revenue in the corresponding month of the previous year and 26 per cent higher than that of February 2020. During the month, revenue from imports of goods was 38 per cent higher and revenue from domestic transactions (including import of services) was 12 per cent higher than revenue from these sources during the corresponding month of the previous year.
Due to these reasons the increase
February, being a month of 28 days, generally receives less revenue than January. This high growth during February 2022 should be attributed to partial lockdown, weekend and night curfews and lack of various restrictions imposed by various states due to the Omicron wave. Which peaked around 20 January.
GST collection crosses Rs 1.30 lakh crore for the fifth time
This is the fifth time that the GST collection has crossed the 1.30 lakh crore mark. Since the implementation of GST, the GST cess collection has crossed the Rs 10,000 crore mark for the first time, marking the recovery of some key sectors, especially automobile sales.