The Business Bytes
TBB BUREAU
NEW DELHI, MARCH 1, 2021
Indicating post-pandemic economic recovery, GST collections crossed the Rs 1 lakh crore-mark for the fifth month in a row, rising 7 per cent to over Rs 1.13 lakh crore, the Finance Ministry said on Monday.
The collection is, however, lower than the record Rs 1,19,875 crore collected in the previous month.
The gross GST revenue collected in February 2021 is Rs 1,13,143 crore, of which CGST is Rs 21,092 crore, SGST is Rs 27,273 crore, IGST is Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and Cess is Rs 9,525 crore (including Rs 660 crore collected on import of goods).
The government has settled Rs. 22,398 crore to CGST and Rs. 17,534 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs. 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 Rs. 67,490 crore for CGST and Rs. 68,807 crore for the SGST.
In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 15 per cent higher and the revenues from domestic transaction (including import of services) are 5 per cent higher than the revenues from these sources during the same month last year.
