The Goods and Services Tax (GST) collection in February stood at Rs 1,33,026 crore. This information has been given in the figures released by the government. This time it has increased by 18% as compared to the same month a year ago.
However, taking the average of daily collections, there has been more collection than January, because February has been off 28 days while January was of 31 days. The average daily collection in January was Rs 4,464.32 crore, which increased to Rs 4,750.92 crore in February.
26% increase over February 2020
This time there has been an increase of 26% as compared to February 2020. With this, the GST cess collection has also crossed Rs 10,000 crore for the first time. This is the fifth time in a row since July 2017 that the collection has crossed Rs 1.30 lakh crore. Earlier in January, it was Rs 138,394 crore, that is, it has decreased by more than Rs 5 thousand crores.
1.29 lakh crore collection in December
According to the data, the total collection in December 2021 was Rs 1,29,780 crore, while in November it was Rs 1.31 lakh crore. There has been an increase of Rs 20 thousand crores this time as compared to Rs 1,13,143 crore in February 2021. As per the data, the GST revenue from imported goods has been 38% higher than that of domestic transactions.
26,347 crore settlement under CGST
The government has settled Rs 26,347 crore under CGST and Rs 21,909 crore under SGST. CGST stands for Central Government and SGST stands for State Government Revenue. After regular settlement of Central and State Government, CGST stood at Rs 50,782 crore and SGST Rs 52,688 crore.
Revenue increased despite restrictions imposed in Corona
This increase in revenue has come at a time when restrictions were imposed in some states in January due to Corona. It is also indicating that the third wave of Covid has not shown much effect and the fourth quarter is also going to be fine.
Impact on GDP growth
However, there was an impact on the economic data that came on Monday. GDP growth stood at 5.4% in the third quarter, which was 3% lower than the second quarter. However, there is a possibility of an impact on GDP in the fourth quarter as well.
The death toll in the fire that swept through Hong Kong's residential buildings has risen to 128.
Pope Francis, the first Latin American of the Roman Catholic Church, died on Monday morning i.e.
Cold returns to Delhi-NCR, hailstorms in Rajasthan and MP; snowfall in Uttarakhand
The weather is changing every moment in most parts of the country, including Delhi-NCR. A sudden
96 days have passed since the Russo-Ukraine war. Meanwhile, the European Union (EU) has agreed to
England will be without star forward Marcus Rashford for Euro 2024 qualifiers against Italy and U
A shocking incident came to light on Thursday at Ra Studio in Powai, Mumbai. A man held 15 to 20
Amazon Great Indian Festival Sale: The best deals on the best touchscreen laptops from HP, Dell,
Finance Minister Nirmala Sitharaman presented the second interim budget of the Modi government in
Six days have passed since the Israel-Hamas war. More than 2800 people have lost their lives so f
The number of active corona patients in the country remains above one lakh, which is a matter of
