In February 2023, revenue from the Goods and Services Tax increased by 12% year over year to Rs 1,49,577 lakh crore. GST receipts in the same month previous year totaled Rs 1.33 lakh crore.
The following percentages of the total GST revenue received in February: CGST: Rs 27,662 crore; SGST: Rs 34,915 crore; IGST: Rs 75,069 crore; and Cess: Rs 11,931 crore.
The Ministry of Finance stated in an official press release that "during the month, revenues from import of products were 6% higher and the revenues from the domestic transaction (including import of services) are 15% higher than the revenues from similar sources during the same month previous year."
After the introduction of the GST, this month's cess collections reached a record high of Rs 11,931 billion. A 28-day month like February usually results in a lower than average revenue collection," it stated.
Yet, compared to January, less GST income was collected in February. The GST revenue was collected to the tune of Rs 1.55 lakh crore in January.
The solid GST revenue collections, however, which have stayed above Rs 1.4 lakh crore for 12 straight months, give experts reason for optimism. More audits and assessments are to blame for this.
It should be noted that all the major states have seen a big increase in GST revenues when compared to the same month the previous year. For instance, Maharashtra, West Bengal, Tamil Nadu, and Karnataka have improved their revenues by between 12 and 19%, while Delhi and Uttar Pradesh have seen increases of above 20%.
