The GST collection exceeds Rs 1 lakh crore for the fourth consecutive month
NEW DELHI: GST the collections increased 8.3% in February to Rs 1.05 lakh compared to the same month last year, the fourth consecutive month of more than Rs 1 lakh crore, although it was marginally lower than the Rs 1.1 lakh crore obtained in January 2020.
However, compliance improved even more with the number of returns submitted that jumped 13.6% to a record 83.5 lakh before the February 20 deadline, according to what the finance ministry showed on Sunday. Returns submitted in February are for sales in January.
While collections from the domestic front went up 12%, the import slowdown saw a 3% decline in Integrated GST, the biggest of the three components of the indirect tax. Central GST increased nearly 17% to Rs 20,569 crore, while state GST was up 13% at Rs 27,348 crore.
The government expected to raise Rs 4.55 lakh crore during the last four months of the fiscal year, but has managed to raise less than Rs 3.2 lakh crore. It expects an improvement in cleanliness, given that notices have been sent to entities for multiple violations observed through data analysis. The data published by the government also showed that the northeastern states were doing well, topping the list with their collection by jumping 77% in February.