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GST collections at Rs 1.05 lakh crore in February

GST collections at Rs 1.05 lakh crore in February

The government on Sunday said it has collected Rs 1.05 lakh crore as GST revenue in February, up 8 per cent over the same month last year.

The collection from Goods and Services Tax (GST) in February was, however, lower than the Rs 1.10 lakh crore collected in January 2020.

"The gross GST revenue collected in the month of February, 2020 is Rs 1,05,366 crore of which CGST is Rs 20,569 crore, SGST is Rs 27,348 crore, IGST is Rs 48,503 crore and Cess is Rs 8,947 crore," the finance ministry said in a statement.

The total number of GSTR 3B returns filed for the month of January up to February 29 stood at 83 lakh—same as last month.

The government has settled Rs 22,586 crore to CGST and Rs 16,553 crore to SGST from IGST as regular settlement.

"The total revenue earned by Central Government and the State Governments after regular settlement in the month of February, 2020 is Rs 43,155 crore for CGST and Rs 43,901 crore for the SGST," the statement added.

The GST revenues during the month of February from domestic transactions has shown a growth of 12 per cent over the same month last year.

"Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8 per cent in comparison to the revenue during February, 2019," the statement said.

During this month, the GST on import of goods has shown a negative growth of (-) 2 per cent as compared to February 2019, it added.

Meanwhile, Deloitte India Partner M.S. Mani said with the monthly collections now stabilising at over Rs 1 trillion per month, the GST authorities would now go all out to enhance the March collections so that the deficit is reduced to the extent possible.

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