GST collection up 18% YoY at over Rs 1.33 trn in Feb: FinMin

GST collections in February stood at over Rs 1.33 trillion in February, an 18 per cent growth over the year-ago period, the Finance Ministry said on Tuesday.

The February mop-up was impacted by the Omicron wave that swept through the country and hence, the gross sales tax collection was lower than the record Rs 1,40,986 crore netted in January.

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

The revenues for February 2022 are 18 per cent higher than the GST revenues in the same month last year and 26 per cent higher than the GST revenues in February 2020.

The ministry said February, being a 28-day month, normally witnesses revenues lower than in January.

This growth in February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by many states due to the omicron wave, which peaked around 20th January, it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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