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

The government on Sunday said it has collected Rs. 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 Rs. 1.10 lakh crore collected in January 2020.

“The gross GST revenue collected in the month of February, 2020 is Rs. 1,05,366 crore, of which CGST is Rs. 20,569 crore, SGST is Rs. 27,348 crore, IGST is Rs. 8,503 crore and Cess is Rs. 8,947 crore,” the Finance Ministry said in a statement.

The government had settled Rs. 22,586 crore to CGST and Rs. 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 Rs. 43,155 crore for CGST and Rs. 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

The government is planning to launch a monthly lottery, ranging from Rs. 10 lakh to Rs. 1 crore, under the GST from April 1 by conducting lucky draws for invoices of all business to customer transactions, said an official.

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