New Delhi: GST earnings in February grew 18 per cent to Rs 1.33 lakh crore in February even as the Omicron wave hit a month-on-month rally.
This is the fifth time in the current fiscal year the collection of Goods and Tax Services (GST) has exceeded the Rs 1.30 lakh crore mark. Even so, this is the first time, cess collection has exceeded Rs 10,000 crore mark, indicating a recovery in some key sectors, especially car sales, the Finance Ministry said on Tuesday.
GST revenues reached a record high of Rs 1,40,986 crore in January.
GST revenue in February 2022 was Rs 1,33,026 crore of Central GST Rs 24,435 crore, state GST was Rs 30,779 crore, Integrated GST was Rs 67,471 crore (with Rs 3 crocess) was Rs 10,340 crore (including Rs 638 crore collected on freight imports), ”the company said in a statement.
Revenues for February 2022 are 18 per cent higher than GST revenues in the same month last year and 26 per cent higher than in February 2020.
During the month, revenues from imports were 38 per cent higher, and from domestic trade 12 per cent higher than a year ago.
The ministry said February, which is a 28-month period, normally confirms earnings are lower than January.
This growth in February 2022 should also be seen in the area of partial locks, weekend and night barriers and many restrictions imposed by many states due to the Omicron wave, which peaked around January 20 , he added.
During the current fiscal year, gross margins in April exceeded Rs 1.39 crore crore, in May (Rs 97,821 crore), May (Rs 92,800 crore), July (over Rs 1.16 lakh crore), August (over Rs 1.12 lakh crore) ). ), September (over Rs 1.17 lakh crore), October (over Rs 1.30 lakh crore), November (Rs 1.31 lakh crore) and December (over Rs 1.29 lakh crore).
Deloitte India partner MS Mani said GST collections exceeding Rs 1.33 lakh crore despite the challenging pandemic on January 22 indicated that the current collections on the stability trail and FY22 sites will pass.
“While overall, the collection is 18 per cent higher than the same period last year, there is a big difference between the states with increases by 2 to 23 per cent among the larger states,” Mani added.
NA Shah Associates Partner Parag Mehta said the GST checks for March 2021 also ended on March 28 and the balance sheet payment due to errors and omissions has also led to higher collections.
“The growth trail in the collections should be in this range only,” Mehta adds.
Advisory Connect Tax Vivek Jalan says strong GST collection is the result of restrictions on ITC access by GST departments across the country.