GST collection in February up by 8% at ₹1.05 lakh cr.

The GST revenues in February from domestic transactions grew by 12% over the same month last year

March 02, 2020 01:08 am | Updated 01:08 am IST - New Delhi

The government on Sunday said it has collected ₹1.05 lakh crore as Goods and Services Tax (GST) revenue in February, up by 8% over the same month last year.

However, the collection in February was lower than the ₹1.10 lakh crore collected in January 2020.

“The gross GST revenue collected in the month of February, 2020 is ₹1,05,366 crore, of which CGST is ₹20,569 crore, SGST is ₹27,348 crore, IGST is ₹8,503 crore and Cess is ₹8,947 crore,” the Finance Ministry said in a statement. The total number of GSTR 3B returns filed for the month of January up to February 29 stood at 83 lakh, the same as last month.

The government had settled ₹22,586 crore to CGST and ₹16,553 crore to SGST from IGST as regular settlement. “The total revenue earned by Central Government and the State Governments after regular settlement in the month of February, 2020 is ₹43,155 crore for CGST and ₹43,901 crore for the SGST,” the statement added.

The GST revenues in February from domestic transactions grew by 12% over the same month last year.

Lottery offer

“Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8% in comparison to the revenue during February, 2019,” the statement said.The government is planning to launch a monthly lottery, ranging from ₹10 lakh to ₹1 crore, under the GST from April 1 by conducting lucky draws for invoices of all business to customer transactions, said an official. The offers would range between ₹10 lakh and ₹1 crore, said an official.

During this month, the GST on import of goods has shown a negative growth of (-) 2 per cent as compared to February 2019, it added.

Top News Today


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.