There is good news for the central government on the revenue front. Despite being 28 days in February, the government has received Rs 1.13 lakh crore as GST. This is the third consecutive month when the GST collection has been more than 1.10 lakh crores and for the fifth consecutive month the government has received more than 1 lakh crores GST. The GST collection in February 2021 is 7% higher than the previous year ie February 2020. The Finance Ministry says that this is clearly a sign of the country’s rapid economic growth. GST collection has increased due to recovery in economic activity.
According to the Finance Ministry, in February 2021, the government received Rs 21,092 crore as CGST, Rs 27,273 crore under SGST and Rs 55,253 crore as IGST, of which 24,382 from imports of products Crore, and the government received Rs 9,525 crore from CESS.
Trend of recovery in GST Revenue for five months
Recovery trend has been at GST Revenue for the last five months. The Finance Ministry said in a statement that GST revenue has crossed the Rs 1 lakh crore level for the fifth consecutive month. While Rs 1,13,143 crore was received in February, the January 2021 GST revenue collection was Rs 1,19,875 lakh crore. The government received Rs 1,15,174 crore in December 2020, compared to Rs 1,04,963 crore in November 2020. The government got more than 1 lakh crore GST in October for the first time in this financial year. In October, Rs 1,05,155 crore was received as GST.
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