GST Revenue collection in Feb 2023 - Finance Ppl

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GST Revenue collection in Feb 2023

I. GST Collection data 

Tabulated below is gross GST revenue collected in the month of February 2023 with component wise breakup  along with details of distribution and settlements made. (Source: PIB)

S.No

Description

Amount (In ₹)

1

Gross GST revenue collected in Feb 2023

1,49,577 Crore




Included in it are 

-CGST

  27,662 Crore

-SGST

  34,915 Crore

-IGST

  75,069 Crore (included in this is ₹35,689 crore from GST collected on Import of goods.

-Cess*

  11,931 Crore(included in this is  ₹792 Crore from GST collected on Import of goods.

2

Regular Settlements/distributions done Out of IGST



To CGST

  34,770 Crore


To SGST

  29,054 Crore

3

Settlement of compensations (balance GST pertaining to earlier periods) to states/UT



-of June 2022

  16,982 Crore


-towards previous period dues, figures certified by Accountant general 

  16,524 Crore

II. Major Inferences from Statistics

  • Monthly GST revenues were more than 1.4 Lakh crores in last 12 consecutive months.
  • GST revenue collections for the month Feb-’23 (FTM) are 12% higher than the GST collection in the same month last year. ( Last year GST revenue collection being: ₹ 1,33,026 Crores.
  • Feb-’23 records highest Cess collection of ₹11,931 Crore since implementation of GST, indicating higher consumption of demerit and Luxury goods.
  • Compared to Last year feb, there is an increase in GST Revenue from domestic transactions (including import of services) to the extent of 15%,  whereas increase in GST revenue from imports of goods is 6% higher, indicating a progress in cutting down too much reliance on import and encouraging local manufacturing.