February 2021 GST collection at Rs 1.13 lakh crore: Finance ministry

February 2021 GST collection at Rs 1.13 lakh crore: Finance ministry

The GST collection in February this year stood at Rs 1.13 lakh crore, according to the data released by finance ministry on Monday.

This is the fifth straight month of the GST collection exceeding the Rs 1 lakh crore-mark. The current mop-up is an increase of 7 per cent over the February collection last year.

This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance, the finance ministry

“In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year,” the ministry said in a statement.

“During the month, revenues from import of goods were 15 per cent higher and the revenues from the domestic transaction (including import of services) are 5 per cent higher than the revenues from these sources during the same month last year,” the statement added.

In January 2021, the GST collections had surged to all-time high of about Rs 1.20 lakh crore as economic activities picked up after the withdrawal of stringent lockdown restrictions.

Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking rendered, in January was 8 per cent higher than such receipts in the same month of 2020.

In a statement, the finance ministry had said that the January 2021 collections were the highest ever since the implementation of the nationwide tax in July 2017.

The previous best was in December 2020 when Rs 1,15,174 crore was collected.

Source: Times-Of-India. 

XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

Get Our GST Software DEMO and E-WAY BILL DEMO for FREE

Leave a Reply

Your email address will not be published. Required fields are marked *