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Business News/ News / India/  GST collections cross 1.1 lakh cr-mark for third straight month in February
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GST collections cross ₹1.1 lakh cr-mark for third straight month in February

The high GST collection is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance, the ministry said

Goods and service tax (GST) collections for February crossed ₹1.1 lakh crorePremium
Goods and service tax (GST) collections for February crossed 1.1 lakh crore

Goods and service tax (GST) collections for February crossed 1.1 lakh crore for the third consecutive month on the back of improve compliance and recovery in economic activities. "The gross GST revenue collected in the month of February 2021 is 1,13,143 crore," finance ministry said in a statement on Monday. This was 7% increase over the same month a year ago.

Out of total GST revenue, "CGST is 21,092 crore, SGST is 27,273 crore, IGST is 55,253 crore (including 24,382 crore collected on import of goods) and Cess is 9,525 crore (including 660 crore collected on import of goods)," the statement read.

"During the month, revenues from import of goods was 15% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year," the statement added.

GST collections in January touched an all-time high of 1.19 lakh crore since introduction of tax regime. The continuous surge in GST collections was attributed "economic recovery and the impact of various measures taken by tax administration to improve compliance." The GST revenues crossed 1 lakh fifth time in a row in this month.

"The government has settled 22,398 crore to CGST and 17,534 crore to SGST from IGST as regular settlement," the ministry said, adding, "Centre has also settled 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs."

"The total revenue of Centre and the States after regular settlement and ad-hoc settlement in the month of February 2021 is 67,490 crore for CGST and 68,807 crore for the SGST," it further added.

After contracting for two straight quarters, Indian economy witnessed marginal growth of in the October-December quarter. India's gross domestic product (GDP) grew 0.4% year-on-year, official data released by the National Statistics Office showed on Friday. The recovery is due to astute handling of the lockdown and a calibrated fiscal stimulus, the government said.

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Published: 01 Mar 2021, 05:52 PM IST
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