GST revenue collections for Feb 2021 stood at 1.13 lakh crore, surpasses 1 lakh crore fifth time in a row

New Delhi: The goods and services tax (GST) collection crossed the Rs 1 lakh crore mark for the fifth month in a row in February.

GST collection in the month of February stood at Rs 1.13 lakh crore, 7 percent higher year-on-year, but lower than an all-time high of nearly Rs 1.20 lakh crore in January, official data released by the Finance Ministry.

“In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7 percent higher than the GST revenues in the same month last year,” the Ministry said in a statement.

Of the total gross collections, Central GST (CGST) is about Rs 21,092 crore, State GST (SGST) is at Rs 27,273 crore. Meanwhile, Integrated GST (IGST) collections stood at Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and cess at Rs 9,525 crore (including Rs 660 crore collected on import of goods).

The government has settled Rs 22,398 crore to CGST and Rs 17,534 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 48,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states and union territories.

The government on Friday, released the 18^th weekly instalment of Rs. 4,000 crore to the States to meet the GST compensation shortfall.

“Out of this, an amount of Rs. 3,677.74 crore has been released to 23 States and an amount of Rs. 322.26 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council. The remaining 5 States, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation”, said the press release.

Till now, 94 percent of the total estimated GST compensation shortfall has been released to the States & UTs with Legislative Assembly.

“Out of this, an amount of Rs. 95,138.08 crore has been released to the States and an amount of Rs. 8,861.92 crore has been released to the 3 UTs with Legislative Assembly” said the Ministry.