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GST collection for February at Rs 1.13 lakh crore

GST collection at over Rs 1 lakh crore in February

Collection of goods and service tax (GST) for February stood at Rs 1.13 lakh crore. This is for the third consecutive month that GST collection crossed the psychological Rs 1 lakh crore mark signalling a revival of economic activities aided by improved compliance.

"The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore," a statement issued by the finance ministry said on Monday. Collections for February showed an increase of 7 per cent compared the same month a year ago.

Out of total GST kitty for February, central GST stood at Rs 21,092 crore while state GST was at Rs 27,273 crore. Integrated GST collection was Rs 55,253 crore which included Rs 24,382 crore collected on import of goods. That apart cess comprised Rs 9,525 crore.

A higher government spending will be critical to support economic growth, which has contracted for two consecutive quarters.