05 Mar 2020Posted By: Mudit Handa


GST Revenue Crosses ₹1 Lac Crore for February 2020

The nation had indeed achieved great success in the first year of the GST regime. There is no doubt that the Goods & Service Tax policy has strengthened the government to achieve the desired level of fiscal consolidation. However, since the past few months, the GST department was witnessing a gradual fall in the total GST collection. This was due to the rise in the number of fake ITC claims by many taxpayers having GST registration. This led to a decrease in the actual GST tax paid by them. The issue was also discussed during the Union Budget 2020 and measures were introduced to push up the diminishing revenue. 

Now, once again the gross total GST revenue collection has reached beyond ₹1 lakh crores in the month of February 2020.

 

1. How much GST collection has been made in February 2020?

The gross GST revenue that has been collected during the month of February 2020 is to the tune of ₹ 1,05,367 crore. Given below is the break up of the total monthly GST revenue collection:- 

Particulars 

Amount (₹ crore)

CGST

20,569 

SGST

27,348 

IGST

48,503 

Cess

8,947 

Total 

1,05,367 

 

Note: 

  • The IGST collection also includes ₹20,745 crores collected on imports by merchants having GST registration.

  • The Cess amount also includes ₹1,040 crores collected on imports. 


2. How has the GST collection risen once again? 

The rise in GST revenue collection must be owed to the concrete measures laid by the GST council to curb the fake ITC claims. This has also resulted in a rise in the GST compliance rate.

Besides, fake ITC claim has now been made a non-bailable offense.

GST department has revealed that the total number of GSTR-3B Returns filed from the period January to 29th February 2020 is found to be 83.53 lacs.


3. What is the rate of growth in the GST collection?

Given below is the Growth trend in the GST revenue collection:-

  • The GST revenue during February 2020 from domestic transactions has grown @ 12%  as compared to that of February 2019. 

  • The GST revenue from the import of goods during February 2020 has risen @ 8% in as compared to that of February 2019.

Here is the graphical representation of the Growth trend in the GST revenue collection:-

The taxpayers having GST registration are always advised to duly fulfill the GST compliance, as this ultimately contributes to the growth of the economy and prosperity of the nation.

 

Also, refer to the  for further details.

If you require any help on GST registration or GST return filing procedure, please feel free to contact our business advisor at 8881-069-069.

Download E-Startup Mobile App for the latest updates relating to GST.

 

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