Economy

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

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.

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Printable version | Mar 3, 2021 7:54:56 AM | https://www.thehindu.com/business/Economy/gst-collection-in-february-up-by-8-at-105-lakh-cr/article30959137.ece

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