With business revenue up, government collects over Rs 1.33 lakh crore in GST
The government reported that its goods and services tax cess collection passed the Rs 10,000 crore mark for the first time since its implementation in February thanks to strong economic activity.
February’s GST total of Rs 1.33 lakh crore and cess total of Rs 10,000 crore suggest that the third wave of Covid-19 did not negatively affect the economy as much as previous waves have done, especially in the fourth quarter of the financial year. The total also represents the fifth time monthly GST collections have crossed the Rs 1.3 lakh crore mark, ET Online reported.
“The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020,” said the government in an official release, ET Bureau reported. “During the month, revenues from import of goods was 38% higher and the revenues from domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year.”
In February, there remained numerous retail restrictions in most states to promote health and safety and slow the spread of Covid-19. Many trade shows remained postponed, although some did go ahead, and opening hours are gradually being extended in areas such as New Delhi. The high GST collection rates show that, despite these hurdles, the retail economy mostly remained buoyant.
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