GST collections for the month of February 2023 stood at Rs 1,49,577 crore, witnessing a 12% increase over the same month in the last year, as per a statement issued by the CBIC. This marks the twelfth consecutive month that monthly GST revenues have exceeded Rs 1.4 lakh crore.
Out of the total revenue collected in February 2023, CGST was Rs 27,662 crore, SGST was Rs 34,915 crore, IGST was Rs 75,069 crore (including Rs 35,689 crore collected on import of goods), and Cess was Rs 11,931 crore (including Rs 792 crore collected on import of goods). The government has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as a regular settlement.
After regular settlements in the month of February 2023, the total revenue of the Centre and the States was Rs 62,432 crore for CGST and Rs 63,969 crore for SGST. Additionally, the Centre released balance GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to States/UTs which have sent AG certified figures for previous periods.
The revenues from import of goods were 6% higher than last year, while the revenues from domestic transactions (including import of services) were 15% higher than the revenues from these sources during the same month last year. February 2023 saw the highest cess collection of Rs 11,931 crore since the implementation of GST. It is worth noting that February is usually a 28-day month, which means that the revenue collection is usually lower.
Overall, this is great news for the Indian economy as it shows a steady increase in revenue collection, which can be used for various developmental projects across the country. The government’s efforts to increase compliance and reduce tax evasion seem to be yielding positive results.