The Goods and Services Tax collection for the month of February was recorded at Rs 1,13,143 crore, data released by the government showed on Monday. With this, the monthly collection has now crossed the Rs 1 lakh crore-mark for five consecutive months.
However, the collection for February declined as compared to the record mop-up of over Rs 1.19 lakh crore in January and over Rs 1.15 lakh crore in December 2020.
Of the total collection in February, Rs 21,092 crore came from Central GST, while Rs 27,273 crore came from the State GST component. Integrated GST collections amounted for Rs 55,253 crore, according to government data.
“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% higher than the GST revenues in the same month last year,” the finance ministry said in its release. Pointing out that the collections crossed Rs 1 lakh crore-mark in each of the last five months, the ministry said that it was an indicator of “economic recovery and the impact of various measures taken by tax administration to improve compliance”.
In a separate release, the finance ministry announced that on Friday, it released the 18th weekly installment of Rs 4,000 crore to states, in order to meet the Goods and Services Tax compensation shortfall.
A total of Rs 1.04 lakh crore worth of compensation shortfall, which amounts to 94% of the total estimated shortfall, has now been paid to states and Union Territories, the Centre said.
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