The Finance Ministry reported that gross goods and services tax (GST) income in February was 26% higher than pre-pandemic levels, at Rs.1,33,026 crore.
The collections are up 18% from February 2021, and it's the fifth time since July 2017 that GST revenues have surpassed Rs.1.30 lakh crore. Revenues from goods imports were 38 percent higher year over year, while revenues from domestic transactions (including services imports) were 12 percent higher than they were in February 2021.
Compensation for GST In February, cess collections surpassed Rs.10,000 crore for the first time in a month, signaling a'recovery of several key sectors, particularly vehicle sales,' according to the Finance Ministry. In February, cess revenues totaled Rs.10,340 crore, including Rs.638 crore on goods imports. GST revenues touched a new high of about Rs.1.41 lakh crore in January, while collections in February, which represent transactions from January, have fallen by 5.65 percent.
To emphasize the importance of these collections, the Ministry said that because February is a 28-day month, revenues are typically lower than in January.
Despite the severe pandemic situation in January, GST collections exceeded Rs.1.33 lakh crore, indicating that revenues were now 'on a stable trend and the 2021-22 targets would be exceeded,' according to M.S. Mani, partner at Deloitte India.
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