: Feb GST collection rises 18% to over Rs 1.33 lakh crore #finance #StockMarketNEWS #Business Omicron impact dents month-on-month mop-up New Delhi: GST collections in February grew 18% to over `1.

Posted in: #finance #StockMarketNEWS #Business

Feb GST collection rises 18% to over Rs 1.33 lakh crore #finance #StockMarketNEWS #Business
Omicron impact dents month-on-month mop-up

New Delhi: GST collections in February grew 18% to over `1. 33 lakh crore in February even as the Omicron wave dented the month-on-month collection momentum.

This is for the fifth time in the current fiscal that the Goods and Services Tax (GST) collection has crossed `1. 30 lakh crore mark.

Also, this is the first time, cess collection has crossed the `10,000 crore mark, signifying recovery in certain key sectors, especially automobile sales, the Finance Ministry said on Tuesday.

The GST revenues had hit a record high of `1,40,986 crore in January.

“The gross GST revenue collected in February 2022 is `1,33,026 crore of which Central GST is `24,435 crore, State GST is `30,779 crore, Integrated GST is `67,471 crore (including `33,837 crore collected on import of goods) and cess is `10,340 crore (including `638 crore collected on import of goods),�? the Ministry said in a statement.

The revenues for February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than in February 2020.

During the month, revenues from import of goods were 38% higher, and that from the domestic transaction are 12% higher than the year-ago period.

The Ministry said February, being a 28-day month, normally witnesses revenues lower than in January.

This growth in February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by many states due to the Omicron wave, which peaked around January 20, it added.

During the current fiscal, the gross mop-up in April was over `1. 39 lakh crore, in May (`97,821 crore), June (`92,800 crore), July (over `1. 16 lakh crore), August (over `1. 12 lakh crore), September (over `1. 17 lakh crore), October (over `1. 30 lakh crore), November (`1. 31 lakh crore) and December (over `1. 29 lakh crore).

Deloitte India Partner M S Mani said that GST collections exceeding `1. 33 lakh crore despite the challenging pandemic situation on January 22 indicate that the collections are now on a stable trajectory and the FY22 targets would be exceeded.

“While on an overall basis, the collections are 18% higher than the same period last year, there is significant divergence amongst states with increases in the range of 2% to 23% amongst the large states,�? Mani added.

N A Shah Associates Partner Parag Mehta said the GST audits for March 2021 have also been completed on February 28 and balance tax payable due to errors and omissions has also led to higher collections.

“The growth trajectory in collections should now be in this range only,�? Mehta added.