February GST collection crosses Rs 1 lakh crore mark for the fourth consecutive month

Economy


A development that will bring some cheer to the government, GST collection crossed the Rs 1 Lakh core mark for the fourth consecutive month. The GST collection stood at Rs 1.05 lakh crore for the month of February.

The gross GST revenue collected in the month of February, 2020 is Rs 1,05,366 crore of which CGST is Rs 20,569 crore, SGST is Rs 27,348 crore, IGST is Rs 48,503 crore and cess is Rs 8,947 crore,” 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 83 lakh – same as last month.

The GST revenues during the month of February, 2020 from domestic transactions has shown a growth of 12% over the revenue during the month of February, 2019. Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8% in comparison to the revenue during February, 2019.

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Agencies

gst collection

gst collection ( Ministry of Finance)

Source: Ministry of Finance

January was the third consecutive month when GST collections crossed Rs 1 lakh crore benchmark. However, the collection was marginally lower than the revised target of Rs 1.15 lakh crore.



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