March 2, 2022
Import goods have recorded 38% higher YoY growth.
This is the fifth time that GST revenues have crossed the 1.30 lakh crore threshold since July 2017.
During February, tax collections were recorded at 18% as compared to the corresponding year in February 2021.
Maharashtra and Karnataka have accounted for 21% increase in revenues during February, as the leading Industrial states.
The Gross Goods and Services Tax (GST) revenue is 26% higher than pre-covid levels in February at ₹1,33,026 crore, according to the Finance Ministry. During the same month, tax collections were recorded at 18% as compared to the corresponding year in February 2021. This marks the fifth time that GST revenues have crossed the 1.30 lakh crore threshold since it started in July 2017.
Import goods recorded 38% higher YoY growth while revenues from domestic transactions saw an increase of 12% as compared to February 2021, the ministry added.
Variations in state GST collections
The states in the country have noted certain disparities in collection of GST revenue. Among the leading industrial states, Maharashtra and Karnataka accounted for 21% increase in revenues during February while the growth rate was lower for Gujarat at 8%, and 5% for Tamil Nadu . Odisha recorded 23%, Telangana 13% and Andhra Pradesh 19%. Uttar Pradesh has accounted for 9% increase, with Punjab at 14% while Madhya Pradesh and West Bengal accounted for a mere 2% increase in GST revenues.