GST Collections of February 2023

February 2023 saw a GST collection of Rs.1,49,577 crore, a 12% increase from the same month last year. This is the twelfth month in a row that the collections are crossing Rs.1.40 lakh crore. The month of February also saw positive year-on-year growth, with a 6% growth in the import of goods and 15% in domestic transactions. 

The Break-up of GST Collections for February 2023

February’s GST collection stood at Rs.1,49,577 crore. Of which, the CGST collections were Rs.27,662 crore, the SGST collected was Rs.34,915 crore, and IGST collected was Rs.75,069 crore, which included Rs.35,689 crore collected on the import of goods. The cess collections stood at Rs.11,931 crore, which included Rs.792 crore collected on the import of goods. The cess collection this month has been the highest cess collection since the implementation of GST. 

From the IGST collection, the government settled Rs.34,770 crore towards CGST and Rs.29,054 crore towards SGST towards regular settlement. This brought the total revenue of the Centre and the States to Rs.62,432 crore and Rs.63,969 crore for CGST and SGST, respectively. 

In addition to these settlements, the Centre also released the balance figure of the GST compensation cess amounting to Rs.16,982 crore for the month of June 2022. A final GST compensation of Rs.16,524 crore was also released to the states and Union Territories that had shared the revenue figures certified by the Accountant General of the respective state/UT.

Analysis of the GST Collection for February 2023

Typically, February sees lower GST collections due to it being the shortest month of the year. However, this year, the numbers have been significant not just for February but over the past few months, which could be due to the increased measures the government has taken to boost compliance. 

Another reason that the GST collections have been seeing stable figures over the past months could be due to the country’s economic recovery post the COVID-19 pandemic.

(Source: PIB)

State-wise break-up of the GST Collections for February 2023

The following is the state-wise break-up of GST collections for February 2023-

While all the Indian states and Union Territories have seen positive year-on-year growth in GST collections, the territories of Ladakh, Nagaland, Manipur, Mizoram, and Lakshadweep have seen some of the biggest jumps this month. On the other hand, the Central jurisdiction recorded negative growth.

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