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GST revenues grow 12.4% in February 2023
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India’s GST revenues grew 12.4% in February 2023 to over ₹1.49 lakh crore, with tax receipts from goods imports rising 6% and domestic transactions along with services imports yielding 15% more, compared to a year ago.
The ₹1,49,577 crore gross GST kitty collected in February marks the 12th successive month that monthly revenues have been over ₹1.4 lakh crore, although it was 5.06% lower than January’s ₹1,57, 554 crore receipts. However, the year-on-year growth in January was a tad lower than February at 11.75%.
Central GST (CGST) collections were at ₹27,662 crore in February, while State GST (SGST) accounted for ₹34,915 crore. Integrated GST (IGST) inflows stood at ₹75,069 crore (including ₹35,689 crore collected on import of goods), while GST Compensation Cess collections hit a record high of ₹11,931 crore, which included ₹792 crore on import of goods.
“This month witnessed the highest cess collection of ₹11,931 crore since implementation of GST. Normally, February being a 28-day month, witnesses a relatively lower collection of revenue,” the Finance Ministry said about the February GST receipts that pertain to transactions undertaken in January.
Among the States, the collection trends were very mixed, with 15 States’ reporting growth in line with or higher than the 15% growth in domestic revenue, and 14 States seeing slower upticks. Meghalaya was the only State to report a contraction in revenues, slipping 6% compared to February 2022.
“The government has settled ₹34,770 crore to CGST and ₹29,054 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of February 2023 is ₹62,432 crore for CGST and ₹63,969 crore for the SGST,” the Ministry added.
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