"The revenues for the month of February 2022 are 18%
higher than the GST revenues in the same month last year
and 26% higher than the GST revenues in February 2020.
During the month, revenues from import of goods was 38%
higher and the revenues from domestic transaction
(including import of services) are 12% higher than the
revenues from these sources during the same month last
year," the official release said.
The government has settled Rs 26,347 crore to CGST and
Rs 21,909 crore to SGST from IGST. The total revenue of
Centre and the States in the month of February 2022
after regular settlement is Rs 50,782 crore for CGST and
Rs 52,688 crore for the SGST.
The revenue jump comes despite the restrictions that
were put in place in the wake of the spike in COVID
cases due to Omicron.
The robust collection points to the fact that the third
wave may not have dented much of the economic activity
in the fourth quarter.
"GST revenues remained expectedly resilient in February
2022, as the third wave had a limited impact on
industrial activity and GST e way bill generation in
January 2022. WIth the robust rise in GST e way bill
generation in February 2022, we expect a sequential
uptick in the GST revenues in the current month.
Moreover, CGST revenues are likely to exceed the
Government of India's FY2022 RE by up to Rs. 0.3
trillion, complementing the anticipated overshooting in
direct taxes," Aditi Nayar, chief economist, ICRA, said.
Source::: THE ECONOMIC TIMES,