GST Revenues in February
The February 2022 collection of GST (Goods and Services Tax) stood at Rs. 1,33,026 crores which is 18 per cent higher than February 2021. This year’s collection was higher by 26 per cent in comparison to the GST collection in February 2020.
- For the fifth time GST collection has crossed the mark of Rs 1.30-lakh-crore.
- Since GST’s implementation, GST cess collection, for the first time, crossed the mark of Rs 10,000-crore. This showcases the recovery of certain crucial sectors, like automobile sales.
- Being the shortest month, February witness’s revenue lower than that of January.
- This increased GST revenue in February 2022 should be viewed in light of partial lockdowns, weekend and night curfews, and other restrictions imposed by many states in response to the omicron wave.
What is the breakdown of the GST revenue collected in February 2022?
The gross GST revenue collected is Rs 1,33,026 crore. Out of revenue collected State GST is Rs 30,779 crore, Central GST is Rs 24,435 crore, cess is Rs 10,340 crore which includes Rs 638 crore collected on goods imported, and Integrated GST is Rs 67,471 crore which includes Rs 33,837 crore collected on goods imported.
What was the increase in revenue from the import of goods?
February 2022 witnessed an increase in revenues from goods imported by 38 per cent. The domestic transactions revenues which include import of services also increased by 12 per cent.
Which State/UT saw the highest jump in GST collection?
The highest jump in GST collection was witnessed by Lakshadweep with a 74 per cent rise from February 2021 to February 2022. Ladakh followed with a 72 per cent rise in GST collection.
Category: Economy & Banking Current Affairs - 2022
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