In the 5 consecutive months, GST recovery reach above 1 lakh crore
The economy, which had worsened during the lockdown triggered by the Corona epidemic, is now back on target. Goods and Services Tax (GST) collection has crossed Rs 1 lakh crore for the fifth consecutive month.
The Finance Ministry said on Monday, the GST collection in February stood at Rs 1,13,143 crore. This is often a seven percent increase over the GST collection of Rs 1.05 lakh crore within the same month last year. The Finance Ministry said, for the past five months, GST revenue collection is showing an improving trend. This is often a transparent indication of the impact of the economic reforms and therefore the steps were taken by the tax administration to enhance compliance.
According to the ministry, the central GST (CGST) share was Rs 21,092 crore, the state GST (SGST) share was Rs 27,273 crore and therefore the integrated GST (IGST) share was Rs 55,253 crore within the gross GST collection of Rs 1.13 lakh crore in February 2021. In IGST, Rs 24,382 crore was raised from the tax levied on the import of products.
At an equivalent time, the cess share was Rs 9,525 crore. Of this, 660 crores were raised from the tax on import of products. The Finance Ministry said, compared to last year, revenue from imports of products was 15 percent higher in February this year, while revenue from domestic transactions (including import of services) was five percent higher.
Who got what proportion
The government gave Rs 22,398 crore from integrated GST to CGST, Rs 17,534 crore to SGST. Additionally, the govt distributed Rs 48,000 crore of integrated GST to the middle and states during a 50:50 ratio. After regular sharing in February 2021, the entire revenue of the middle and States stood at Rs 67,490 crore as CGST, while Rs 68,807 crore as SGST.
Third consecutive month, when GST is quite 1.1 lakh crores
This is the third consecutive month when the govt has received a GST of quite 1.1 lakh crores. However, GST revenue collection stood at Rs 1.13 lakh crore in January 2021.
increased by four percent in UP, six percent in Punjab, GST recovery collection increased four percent in Jammu and Kashmir, seven percent in Himachal Pradesh, six percent in Punjab, and 4 percent in U.P. is. Whereas in terms of GST revenue, Delhi has decreased by three percent, Chandigarh by 14 percent, and Uttarakhand by eight percent. Dadra Nagar Haveli was the very best, with rock bottom Daman Diu
revenue collection at 62 percent, with the most important increase being Dadra Nagar Haveli, while Daman Diu saw a decrease of 97 percent in recovery.