India’s goods and services tax collection touched an all-time as the economy continues to rebound after the disruption caused by the pandemic.
GST revenue for February, collected in March, was around Rs 1.24 lakh crore, according to a statement from the Ministry of Finance on Thursday. That was 9.7% higher than the previous month and a 27% increase over a year earlier.
This was the sixth consecutive month that the GST revenue has stayed above Rs 1 lakh crore. The finance ministry said in a statement that “a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic.”
“Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income-tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months,” the official statement said.
Breakup of GST collection for February:
- Central GST: Rs 22,973 crore.
- State GST: Rs 29,329 crore.
- Integrated GST: Rs 62,842 crore (including Rs 31,097 crore collected on import of goods).
- Compensation cess: Rs 8,757 crore (including Rs 935 crore collected on import of goods).
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