GST collection dips to Rs 1.50 lakh crore in Feb

The February GST collections are 12 percent higher from the same month a year ago.

The government collected Rs 1.50 lakh crore as Goods and Services Tax (GST) in February, the finance ministry said on March 1.

The GST collections for February fell from Rs 1.58 lakh crore in January, which were the second-highest monthly collection ever under the indirect tax regime which was introduced in July 2017.

The February GST collections are 12 percent higher from the same month a year ago.

GST collections have exceeded the Rs 1.4-lakh crore mark for 12 months in a row.

GST collections had stood at Rs 1.5 lakh crore in December 2022.

Source: Ministry of Finance

In February, Central GST collections stood at Rs 27,662 crore, while State GST was Rs 34,915 crore. Integrated GST was Rs 75,069 crore and cess Rs 11,931 crore.

Despite the on-month fall in gross GST collections, February saw the highest ever monthly cess collection.

Normally, February being a 28-day month, witnesses a relatively lower collection of revenue, the finance ministry said.

The government settled Rs 34,770 crore to Central GST and Rs 29,054 crore to State GST from Integrated GST. As such, post-settlement, the total revenue of the Centre and the states in February was Rs 62,432 crore and Rs 63,969 crore, respectively.

In addition, the Centre had also released balance GST compensation of Rs 16,982 crore for June 2022 and Rs 16,524 crore to States/Union Territories which have sent certified figures for the previous period, the finance ministry said.