GST Revenue collected in Feb 2023-Statistics - Finance Ppl

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I. GST Collection data 

Tabulated below is gross GST revenue collected in the month of February 2023 with component wise breakup  along with details of distribution and settlements made. (Source: PIB)

S.No

Description

Amount (In ₹)

1

Gross GST revenue collected in Feb 2023

1,49,577 Crore




Included in it are 

-CGST

  27,662 Crore

-SGST

  34,915 Crore

-IGST

  75,069 Crore (included in this is ₹35,689 crore from GST collected on Import of goods.

-Cess*

  11,931 Crore(included in this is  ₹792 Crore from GST collected on Import of goods.

2

Regular Settlements/distributions done Out of IGST



To CGST

  34,770 Crore


To SGST

  29,054 Crore

3

Settlement of compensations (balance GST pertaining to earlier periods) to states/UT



-of June 2022

  16,982 Crore


-towards previous period dues, figures certified by Accountant general 

  16,524 Crore

II. Major Inferences from Statistics

  • Monthly GST revenues were more than 1.4 Lakh crores in last 12 consecutive months.
  • GST revenue collections for the month Feb-’23 (FTM) are 12% higher than the GST collection in the same month last year. ( Last year GST revenue collection being: ₹ 1,33,026 Crores.
  • Feb-’23 records highest Cess collection of ₹11,931 Crore since implementation of GST, indicating higher consumption of demerit and Luxury goods.
  • Compared to Last year feb, there is an increase in GST Revenue from domestic transactions (including import of services) to the extent of 15%,  whereas increase in GST revenue from imports of goods is 6% higher, indicating a progress in cutting down too much reliance on import and encouraging local manufacturing.