India: GST collections rise 7% y/y in Feb 21, tops INR1tr for 5th month

• GST collections crossed the INR1tr-mark for the fifth month in a row in Feb 21, rising 7% y/y to over INR1.13tr, indicating economic recovery, the finance ministry said on 1 Mar 21.
• Goods and Services Tax (GST) collections had risen for two straight months to touch record highs in Dec 20, as well as in Jan 21.
• Of the total gross GST revenue collected Feb 21, Central GST accounted for 18.6%, State GST for 24.1%, Integrated GST for 49.1% (including 21.5% collected on import of goods) and Cess is 8.4% (including 0.6% collected on import of goods).
• “During Feb 21, revenues from import of goods were 15% higher y/y and the revenues from the domestic transaction (including import of services) are 5% higher y/y,” the ministry said in a statement.
• GST revenues surpassed the INR1tr-mark fifth time in a row and crossed INR1.1tr for the third consecutive month post-pandemic. This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance, the ministry said.

External Link : https://www.financialexpress.com/economy/gst-collections-top-rs-1-lakh-crore-for-5-months-in-a-row-rise-7-in-february/2204415/