GST collections grow 12.4% to surpass ₹1.49 lakh crore; cess inflows hit a record

Highest cess collection of ₹11,931 crore recorded since implementation of GST even as revenues fell over 5% from January 2023

The ₹1,49,577 crore gross GST kitty collected in February marks the 12th successive month that monthly revenues have been over ₹1.4 lakh crore. File | Photo Credit: The Hindu

India’s Goods and Services Tax (GST) revenues grew 12.4% in February 2023 to over ₹1.49 lakh crore, with tax receipts from goods imports rising 6% and domestic transactions along with services imports yielding 15% more, compared to a year ago. 

The ₹1,49,577 crore gross GST kitty collected in February marks the 12th successive month that monthly revenues have been over ₹1.4 lakh crore, although it was 5.06% lower than January’s ₹1,57, 554 crore receipts. However, the year-on-year growth in January was a tad lower than February at 11.75%. 

Central GST (CGST) collections were at ₹27,662 crore in February, while State GST (SGST) accounted for ₹34,915 crore. Integrated GST (IGST) inflows stood at ₹75,069 crore (including ₹35,689 crore collected on import of goods), while GST Compensation Cess collections hit a record high of ₹11,931 crore, which included ₹792 crore on import of goods. 

“This month witnessed the highest cess collection of ₹11,931 crore since implementation of GST. Normally, February being a 28-day month, witnesses a relatively lower collection of revenue,” the Finance Ministry said about the February GST receipts that pertain to transactions undertaken in January.

Editorial | Reform reluctance: On the 49th GST council meeting

Among the States, the collection trends were very mixed, with 15 States’ reporting growth in line with or higher than the 15% growth in domestic revenue, and 14 States seeing slower upticks. Meghalaya was the only State to report a contraction in revenues, slipping 6% compared to February 2022.

Among major States, Andhra Pradesh’s revenues jumped 39%, followed by the erstwhile State of Jammu and Kashmir (33%), Bihar (24%), Haryana (23%), Tamil Nadu (19%) and Karnataka (18%). 

Revenue growth trailed the national average in Gujarat, Chhattisgarh and Telangana, all of which saw an 8% rise. Odisha’s GST kitty rose 10% along with Assam, while West Bengal, Punjab and Kerala reported a 12% uptick. 

“The government has settled ₹34,770 crore to CGST and ₹29,054 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of February 2023 is ₹62,432 crore for CGST and ₹63,969 crore for the SGST,” the Ministry added.