GST collection increased to Rs 1.84 lakh crore in February. This is the 12th consecutive month when GST collection has been more than Rs 1.7 lakh crore. Gross GST collection in February is 9.1 percent higher than the same period a year ago. However, it is less than the collection of Rs 1.96 lakh crore in January. After adjusting for refunds, net GST collection in February was 8.1 percent higher.
February collection is for only 28 days
This data of GST collection in February is of only 28 days. The month of February has 28 days. A good increase in GST collection indicates an increase in economic activities. The growth of the economy has been good in the third quarter of this financial year. The government released the GDP data for the third quarter on 28 February. According to this, the growth of the economy in the December quarter was 6.2 percent. This is more than the 5.6 percent growth of the second quarter.
Also read: Indian economy will be worth $9.5 trillion in 10 years: Arvind Panagariya
Central GST collection 35,204 crore
The government released the GST collection data for February on March 1. Central GST collection in February was Rs 35,204 crore. GST collection of states was Rs 43,704 crore. Integrated GST was Rs 90,870 crore. Compensation cess was Rs 13,868 crore. Total GST refund in February was Rs 20,889 crore. This is 17.3 percent more than the same period a year ago.
