GST Revenue Collection Crosses 1 lakh Crore for February 2020, Gross Revenue Hike 8% - Finance Ministry

GST Revenue Collection Crosses 1 lakh Crore for February 2020, Gross Revenue Hike 8% - Finance Ministry

GST Revenue Collection Crosses 1 lakh Crore for February 2020, Gross Revenue Hike 8% - Finance Ministry

Finance Ministry: The gross GST (Goods and Services Tax) revenue collection for February 2020 has crossed ₹ 1-lakh crore, gross revenue hike 8%.

The gross GST revenue collected in the month of February, 2020 is ₹ 1,05,366 crore of which CGST is ₹ 20,569 crore, SGST is ₹ 27,348 crore, IGST is ₹ 48,503 crore (including ₹ 20,745 crore collected on imports) and Cess is ₹ 8,947 crore (including ₹ 1,040 Crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29th February, 2020 is 83.53 lakh.

The government has settled ₹ 22,586 crore to CGST and ₹ 16,553 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of February,2020 is ₹ 43,155 crore for CGST and ₹ 43,901 crore for the SGST.

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The GST revenues during the month of February, 2020 from domestic transactions has shown a growth of 12% over the revenue during the month of February, 2019. Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8% in comparison to the revenue during February, 2019. During this month, the GST on import of goods has shown a negative growth of (-) 2% as compared to February, 2019.