In February, 2023, Rs. 1,49,577 crore gross GST revenue has been collected, which is 12% higher than GST revenues in same month last year. In this way, the monthly GST revenue is more than Rs 1.4 lakh crore for 12 straight months in a row. At the same time, the Y-o-Y revenue from import of goods stands 6% higher and domestic transaction including import of services 15% higher.
Of Rs. 1,49,577 crore, CGST is Rs. 27,662 crore, SGST is Rs. 34,915 crore, IGST is Rs. 75,069 crore including Rs. 35,689 crore collected on import of goods and cess is Rs. 11,931 crore including Rs. 792 crore collected on import of goods.
The government has settled Rs. 34,770 crore to CGST and Rs. 29,054 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states after regular settlements in the month of February 2023 is Rs. 62,432 crore for CGST and Rs. 63,969 crore for the SGST. In addition, the Centre had also released balance GST compensation of Rs. 16,982 crore for the month of June 2022 and Rs. 16,524 crore to states/UTs which have sent AG certified figures for previous period.
The revenues for the month of February 2023 are 12% higher than the GST revenues in the same month last year, which was Rs. 1,33,026 crore. During the month, revenues from import of goods were 6% higher and the revenues from domestic transaction including import of services, are 15% higher than the revenues from these sources during the same month last year. This month witnessed the highest cess collection of Rs. 11,931 crore since implementation of GST. Normally, February being a 28 day month, witnesses a relatively lower collection of revenue.