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GST collection crosses Rs 1 lakh crore mark for fourth straight month in February

The GST revenue collection stood at Rs 1.05 lakh crore in February, registering a growth of 8 per cent over the same month last year

Chitranjan Kumar   New Delhi     Last Updated: March 1, 2020  | 20:44 IST
GST collection crosses Rs 1 lakh crore mark for fourth straight month in February
The GST revenue collection in February was lower than the Rs 1.10 lakh crore collected in January 2020

Goods and services tax (GST) collection has crossed the Rs 1 lakh crore mark for the fourth consecutive month in February on the back of anti-evasion steps taken by tax officers. The GST revenue collection stood at Rs 1.05 lakh crore in February, registering a growth of 8 per cent over the same month last year. The collection, however, was lower than the Rs 1.10 lakh crore collected in January 2020. This is for eleventh time since introduction of GST in July 2017 that the monthly revenues have crossed the mark of Rs 1 lakh crore.

The GST collection for February include CGST (Central GST) of Rs 20,569 crore, while SGST (State GST) and IGST (integrated goods and services tax) have been recorded at Rs 27,348 crore and 48,503 crore, respectively. Cess for the month stands at Rs 8,947 crore.

"The gross GST revenue collected in the month of February, 2020 was Rs 1,05,366 crore of which CGST was Rs 20,569 crore, SGST was Rs 27,348 crore, IGST was Rs 48,503 crore and Cess was Rs 8,947 crore," according to a statement released by Ministry of Finance on Sunday.

Also Read: GST lottery scheme: Are you ready to win Rs 1 crore?

The total number of GSTR 3B returns filed for the month of January and February stood at 83 lakh. The GSTR 3B form is a monthly self-declaration form declared by the Indian government for the return filing only of GST implementation.

According to the statement, the government has settled Rs 22,586 crore to CGST and Rs 16,553 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of February 2020 was Rs 43,155 crore for CGST and Rs 43,901 crore for the SGST.

Also Read: Introduction of GST, DBT silent revolutions of country, says Sitharaman

The GST revenues from domestic transactions have shown a growth of 12 per cent over the revenue during the same month last year. During this month, the GST on import of goods has shown a negative growth of (-) 2 per cent as compared to February 2019.

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