GST Collection Increased to 12% – Check The Report by FM: The Government of India has implemented Goods and Service Tax (GST) in July 2017 to make an alternative to VAT taxes. On the implementation of GST the Finance Ministry has tracked the response of the tax. Recently, the Finance Ministry released the report for February month.
The gross GST revenue that has collected last month is Rs. 1,49,577 crore. The GST revenue of last year’s February month is Rs. 1,33,026 crore. This shows that the GST revenue for this year’s February month is 12% above when compared to last year’s report. Among the total revenue, the collected CGST will be Rs. 27,662 crore, SGST will be Rs.34,915 crore, and IGST will be Rs. 75,069 crores.
The Ministry said that the cess collected for February month is Rs. 11,931 crores. This is the highest amount collected ever since the implementation of the GST. It is also noted that all the state governments also experienced higher GST revenue for this corresponding month when compared to the previous year.