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That is the fifth time that the GST assortment has crossed the Rs 1.3 lakh crore mark. The GST cess assortment crossed the Rs 10,000 crore mark for the primary time since its implementation.
The federal government had collected Rs 1.38 lakh crore in January.
The CGST assortment stood at Rs 24,435 crore, SGST at Rs 30,779 crore, IGST at Rs 67,471crore (together with Rs 33,837 crore collected on import of products) and cess at Rs 10,340 crore.
“The revenues for the month of February 2022 are 18% increased than the GST revenues in the identical month final yr and 26% increased than the GST revenues in February 2020. In the course of the month, revenues from import of products was 38% increased and the revenues from home transaction (together with import of providers) are 12% increased than the revenues from these sources throughout the identical month final yr,” the official launch stated.
The federal government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. The entire income of Centre and the States within the month of February 2022 after common settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.
The income soar comes regardless of the restrictions that had been put in place within the wake of the spike in COVID instances resulting from Omicron.
The strong assortment factors to the truth that the third wave could not have dented a lot of the financial exercise within the fourth quarter.
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