What is GST revenue for February fell month over month to Rs 1.50 lakh crore?
GST revenue for February fell month over month to Rs 1.50 lakh crore is a trending topic covered by Sejal News Network with latest updates and insights.
For 12 months running, Goods and Services Tax receipts have surpassed Rs 1.4 lakh crore.
The finance ministry reported on March 1 that the government received Rs 1.50 lakh crore in GST revenue in February.
GST receipts for February decreased from Rs 1.58 lakh crore in January, the second-highest monthly collection ever under the indirect tax regime, which was put into place in July 2017.
In comparison to February of last year, the GST collections are up 12%.
For 12 consecutive months, GST collections have surpassed the Rs 1.4 lakh crore mark.
In December 2022, GST receipts were at Rs 1.5 lakh crore.
The total amount of central GST collected in February was Rs 27,662 crore, compared to Rs 34,915 crore for state GST. 75,069 crores were spent on integrated GST, and 11,931 crores on cess.
The overall GST collections fell on a month-over-month basis, but February had the biggest monthly cess collections ever.
According to the finance ministry, February often sees a lower than average revenue collection due to it being a 28-day month.
From the Integrated GST, the government paid out Rs. 34,770 crore to the Central GST and Rs. 29,054 crore to the State GST. As a result, following the settlement, the Center’s and the states’ respective total revenues in February were Rs 62,432 crore and Rs 63,969 crore.
The Centre had also given States and Union Territories that had submitted certified statistics for the prior period a balance GST compensation of Rs 16,982 crore for June 2022 and Rs 16,524 crore, according to the finance ministry.
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