1,49,577 Crore gross GST revenue collected in February 2023: The gross goods and services tax (GST) revenue collection in February 2023 was Rs 1,49,577 crore, an increase of about 12% year on year. With this, the monthly GST revenues remained over Rs 1.4 lakh crore for 12 straight months in a row, the Finance Ministry said in a statement. In February 2022, India’s GST revenue was Rs 1,33,026 crore.
February 2023 Current Affairs Quiz
Trends in GST Collection:
Components of The GST Collected:
Of the total revenue collected, CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (including ₹35,689 crore collected on import of goods) while cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods).
12% Growth Year-on-Year:
The GST revenue for February 2023 is 12% higher than the same month last year, which was Rs 1,33,026 crore, but it is 5% lower than the Rs 1,57,554 crore reported last month.
Highest ever Cess Collected:
In February, revenues from import of goods was 6 percent higher and the revenues from domestic transaction (including import of services) was 15 percent higher than the revenues from these sources during the same month last year. In addition, February saw the highest cess collection of Rs 11,931 crore since the implementation of GST. As February is the shortest month of the year, it usually witnesses a relatively lower collection of revenue.
State Wise Growth In GST Collection:
Among the major states, Tamil Nadu saw a 19% increase in February collections, followed by Karnataka (18%), Maharashtra (15%), Uttar Pradesh (14%), and Gujarat (8%).
The Total Revenue of The Government:
The Centre has also settled Rs 34,770 crore of CGST and Rs 29,054 crore of SGST from IGST as regular settlement. The total revenue of the Centre and the states, after regular settlements in February 2023, is Rs 62,432 crore for CGST and Rs 63,969 crore for SGST. Furthermore, the Centre released the balance GST compensation of Rs 16,982 crore for June 2022 and Rs 16,524 crore to states/UTs that submitted AG-certified figures for the previous period.
