GST COLLECTIONS .. Collections for February high at Rs 1.05lakh crore; 8 pc rise from same month in 2019

IMAGE CREDIT ..CNBC

NEWS GST COLLECTIONS FEBRUARY
NEW DELHI: In what comes as some relief for the Union Government, the GST collctions were at a high of 1.05 lakh crore in February, which is up by 8 per cent over the same month last year. This is the fourth consecutive month when the government made a GST collection above 1 lakh crore.

The collection from Goods and Services Tax (GST) in February was, however, lower than the 1.10 lakh crore collected in January 2020. “The gross GST revenue collected in the month of February, 2020 is 1,05,366crore, of which CGST is 20,569crore, SGST is 27,348crore, IGST is 48,503crore and Cess is 8,947crore,” the finance ministry said in a statement.
The total number of GSTR 3B returns filed for the month of January up to February 29 stood at 83lakh — same as last month. The government has settled 22,586crore to CGST and 16,553crore to SGST from IGST as regular settlement.”The total revenue earned by central government and the state governments after regular settlement in the month of February, 2020 is 43,155crore for CGST and 43,901crore for the SGST,” the statement noted.
The GST revenues during February from domestic transactions have shown a growth of 12 per cent over the same month last year. Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8 per cent in comparison to the revenue during February, 2019. During this month, the GST on import of goods has shown a negative growth of (-) 2 per cent as compared to February 2019. –Agencies, IHN-NN

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