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March 1, 2021

GST Revenue Cross Rs 1.1 Lakh Cr in month of Feb 2021

by CA Shivam Jaiswal in GST

GST Revenue Cross Rs 1.1 Lakh Cr in month of Feb 2021

GST revenues crossed Rs 1 lakh fifth time in a row and crossed Rs 1.1 lakh crore third time in a row post pandemic despite this being revenue collection of the month of February.

1. The gross GST revenue collected in the month of February 2021 is 1,13,143 crore of which CGST is 21,092 crore, SGST is 27,273 crore, IGST is 55,253 crore (including 24,382 crore collected on import of goods) and Cess is 9,525 crore (including 660 crore collected on import of goods).

2. The government has settled 22,398 crore to CGST and 17,534 crore to SGST from IGST as regular settlement. In addition, Centre has also settled 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of Centre and the States after regular settlement and ad-hoc settlement in the month of February 2021 is 67,490 crore for CGST and 68,807 crore for the SGST.

3. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 15% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year.

4. The GST revenues crossed 1 lakh fifth time in a row and crossed 1.1 lakh crore third time in a row post pandemic despite this being revenue collection of the month of February. This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance.

5. The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of February 2021 as compared to February 2020.

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