After Crossing the ₹1.02 lakh crore mark in January, Goods and Services Tax (GST) collection dropped to ₹97,247 crore in February, on account of reduction in tax rates on 23 goods and services.
"The total gross GST revenue collected in February 2019 is ₹97,247 crore, of which Central GST (CGST) is ₹17,626 crore, State GST (SGST) is ₹24,192 crore, Integrated GST (IGST) is ₹46,953 crore and cess is ₹8,476 crore," the Finance Minister said in a statement.
The GST collection in February 2019, is 13.12 percent higher than ₹85,962 crore mopped up in February 2018. The GST collection in the current fiscal till February have totalled ₹10.70 lakh crore.
As the taxmen continue crack down on GST evasion, compliance improved and the number of sales returns (GSTR-3B) filed for the month of January up to February 28, 2019, stood at 73.48 lakh, marginally higher than 73.3 lakh returns filed in January.
The government has settled ₹19,470 crore to CGST and ₹15,747 crore to SGST from IGST as regular settlement. The total revenue earned by the centre and state government after regular settlement in February are ₹37,095 crore for CGST and ₹39,939 crore for SGST.
The GST Council had, in its meeting on December 22, 2018, rationalised the 28 percent slab to luxury, demerit and sin goods, besides cement, large-screen television, air conditioners and dishwashers. It had also reduced GST on 23 goods and services, including movie tickets, with effect from January 1.
"While the GST Collections are in line with the average collection in this financial year it has witnessed a slight dip vis-a-vis the previous month; a possible reason being the impact of rate rationalisations effective from January," said Abishek Jain, Tax Partner, Ernst & Young.
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