GST Collection: Big news has come regarding the Goods and Services Tax (GST) collection of the country. The GST collection in February has reached Rs 1,49,577 crore, which is an increase of 12 per cent. The Finance Ministry has said in its statement that it is at a 12-month high. India’s GST revenue in February last year was Rs 1,33,026 crore. The Union Ministry of Finance has released the GST data for February (February 2023) on Wednesday.
How was GST collection in January
In January, the second biggest increase was achieved in the GST collection so far. In this, GST revenue of more than Rs 1.55 lakh crore was achieved for the 11th consecutive month. The government had received a GST collection of Rs 1,55,922 crore i.e. Rs 1.55 lakh crore in January.
The good thing is that this is the 12th consecutive month when the monthly GST collection has been more than Rs 1.4 lakh crore. This time the figure has come to Rs 1,49,577 crore and it is 12 percent more than the same month last year.
Ministry of Finance released the data
Releasing the GST collection figures for February 2023 on Wednesday, the Finance Ministry said that Rs 11,931 crore was collected as cess in this month, which is the highest level since the implementation of GST.
GST revenue declines in February as compared to January
However, there has been a decline in GST revenue in February as compared to January. There was a tax collection of Rs 1.57 lakh crore in January 2023, which is the second highest level ever. Rs 1.68 lakh crore collected in April, 2022 is the highest level of GST.
Finance Ministry gave a statement
The Finance Ministry said in a statement, “The total GST collection in February 2023 has been Rs 1,49,577 crore. Of this, the Central GST (CGST) is Rs 27,662 crore while the State GST (SGST) collection is Rs 34,915 crore. Rs 75,069 crore has been collected under the head of . Apart from this, a cess of Rs 11,931 crore is also included.
GST collection increased by 12 percent year-on-year
The GST collection in the same month a year ago was Rs 1.33 lakh crore. In this way, in February 2023, the GST collection has increased by 12 percent on an annual basis. The ministry said that due to only 28 days in the month of February, the GST collection is generally less as compared to other months.
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