Well, fourth consecutive month and GST revenue collection tops Rs 1 lakh-crore mark!

News Bharati    02-Mar-2020 11:23:42 AM
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New Delhi, March 02: While the business community at large is still baffled about the introduction and implementation of GST in India, the Centre has collected ₹1.05 lakh crore as GST revenue in February, up 8% over the same month last year. This is the fourth consecutive month when the government mopped up GST collection above ₹1 lakh crore mark.
 
The collection from Goods and Services Tax (GST) in February was, however, lower than the ₹1.10 lakh crore collected in January 2020. "The gross GST revenue collected in the month of February, 2020 is ₹1,05,366 cr of which CGST is ₹20,569 cr, SGST is ₹27,348 cr, IGST is ₹48,503 cr and Cess is ₹8,947 cr," the finance ministry said in a statement.

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Further, while the government has settled ₹22,586 cr to CGST and ₹16,553 cr to SGST from IGST as regular settlement, the total number of GSTR 3B returns filed for the month of January up to February 29 stood at 83 lakh, similar to that of the last month.
 
"The total revenue earned by Central Government and the State Governments after regular settlement in the month of February, 2020 is ₹43,155 crore for CGST and ₹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% over the same month last year.

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"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.
 
The introduction of GST has proved to be a game changer for Indian economy as it replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime. It integrated India into a single, common market by breaking barriers to inter-State trade and commerce.